Hospitality RevPARs Its Engines
The local hospitality market is on track for a better year than last, PKF Hospitality prez Mark Woodworth tells us (left, with his son, climbing Mount Kilimanjaro). That's saying something, considering that hotel metrics got a serious boost in 2012. According to STR, RevPAR in Charlotte increased by 13.4% in 2012, when the city hosted the DNC, he says. Building on that jump, RevPAR should increase by about 1% in 2013, he adds, and PKF's soon-to-be released updated forecast for the city calls for demand growth of 2.2% over 2012, well above the forecasted 1.7% increase in supply for the year.
Other North Carolina hospitality markets are also doing well. In Asheville, RevPAR is up 19.4% year-over-year (as of August), driven by growth in tourism, reports STR. (Everybody wants to enjoy the "Shindig on the Green.") Developers have taken note. Recently, Choice Hotels inked a deal with FIRC Group to develop a 141-room Cambria Suites in the city. According to Choice Hotels SVP Michael Murphy, the company is experiencing strong momentum for bringing Cambria Suites to new markets, such as Asheville. The property will be the company's second in North Carolina.
