Hospitality RevPARs Its Engines
It’s been a long slog for the hospitality industry, but good times are back again. (Now can we get an extra chocolate on our pillows?) Greenwood Village-based Richfield Hospitality prez Will Loughran tells us that he expects exceptional RevPAR growth through the first quarter of 2015, with ADR leading the way with an increase of 4.2%, and occupancy up a steady 2.2%. He sees the positive trend continuing over the next 12 months, as hotels start pushing ADR. Recently Richfield Hospitality, a hotel management specialist, tapped Will for the top job; he was previously SVP of sales and revenue strategy.
Will also predicts that summer leisure travel will be strong, small-group business travel seems to be improving, and there’s going to be nice growth in overall business travel through the first quarter of 2015. This kind of growth also has investors seeking out properties in Colorado. Noble Investment Group inked announced today that it's acquired the 150-room Hyatt Place Boulder, which is currently under development. According to Noble—which has invested nationwide in Hyatts, Marriotts, and Hiltons—the property will benefit from leisure, corporate, and university-related travel, since it's about a mile from the UC Boulder campus.
