IRR-Syracuse Mid-Year Viewpoint 2015 Local Market Report - Lodging
The Syracuse market has struggled slightly. The overall occupancy for year-to-date 2015 is up slightly from numbers seen for the same time period in 2014 for ADR but occupancy has decreased 5.3% for the same time frame. The decrease in occupancy resulted in a RevPAR decrease of 4.8% over the previous year-to-date numbers. Room nights available increased 0.4%.
Construction of the next hotel to be added to the Syracuse market is well underway at the Inner Harbor near the newly expanded DestiNY. The 134-room Aloft Hotel is nearing completion of frame with completion expected in 2016. Plans are already in place to construct a 123-room Element Hotel by the same developers at the Inner Harbor as well. This will be an extended stay project and is expected to be started in 2015 and open in 2018.
The Carrier Circle which has historically been a highly developed hotel market is experiencing new hotel development. These projects include a 101-room Homewood Suites and a 108-room Marriott Fairfield Inn and Suites.
Looking forward, we expect the market to continue to strengthen as these new projects come online. The new product will help to increase the average daily room rates.
Download the full version PDF of this Local Market Report below to see the charts, graphs, and tables not included above.
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.