IRR-Raleigh Mid-Year Viewpoint 2015 Local Market Report - Lodging
The Raleigh/Durham lodging industry continued to see sustained increases in overall occupancy, ADR and RevPar throughout 2014 and into the first half of 2015. Full year occupancy looks to be up approximately 0.5% over 2014, with ADR up an additional 5.0% over year end 2014. Demand for both full service and limited service hotels has been strong for the Triangle region and have finally returned to to higher than pre-recession levels according to Smith Travel and local reports. The region has close to 250 center city venues annually that drive demand for rooms.
In addition to several announcements and starts for new hotel construction and major renovations of full service hotels in the CBD market and Triangle area in 2014, a 145 room Residence Inn is expected to start construction in 2015 near the convention center.
Additionally another 12 story hotel is proposed and an AC Hotel including 133 rooms is also proposed. Reoccurring annual Triangle events such as the Blue Grass Festival brings in over 3 Million visitors annually. The second half of 2015 should continue to improve moderately until the announced hotel developments are completed. Local ownership is hoping that demand will increase equaling the supply over the next several years with increased tourism and corporate travel.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.