IRR-Tulsa Mid-Year Viewpoint 2015 Local Market Report - Lodging
The Tulsa lodging market continues to strengthen and is expected to continue to perform well through the remainder of 2015. The overall average daily rate increased in the first part of 2015, with full-service lodging seeing the largest gains. Cap rates for both full-service and limited-service hotel properties decreased slightly but will likely remain stable over the next quarter. Discount rates have not varied and stay around 10.75 percent with little movement expected as 2015 progresses.
Downtown Tulsa continues to be revitalized and it was recently announced that Promise Hotels, a Tulsa-based company, is planning a $15 million, 110-room Hampton Inn & Suites.
The most growth and new development within the lodging sector is occurring in suburban Tulsa and this trend will likely continue as these areas experience commercial growth. Planned development includes a conference center and 5-story hotel in Broken Arrow as well as a new Hilton Garden Inn. The improving economy, the expansion of business and its status as a popular destination within the region will continue to drive the expansion of the lodging sector in the Tulsa area.
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.