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U.S. Hotel Performance Q3 2023
- Posted by admin
- On January 17, 2024
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2. Hotel Name: Hampton Inn & Home2 Suites by Hilton New York Times Square
Location: New York City, NY
No. of rooms: 646
Sale Price: $290,000,000
Price per unit: $448,916 per unit
Seller: McSam Hotel Group
Buyer: Dauntless Capital Partners
3. Hotel Name: Motto By Hilton New York City Times Square Location: New York City, NY No. of rooms: 400 Sale Price: $170,000,000 Price per unit: $425,000 per unit Seller: McSam Hotel Group Buyer: Magna Hospitality Group 4. Hotel Name: DoubleTree Resort by Hilton Hotel Paradise Valley - Scottsdale Location: Scottsdale, AZ No. of rooms: 378 Sale Price: $115,500,000 Price per unit: $305,556 per unit Seller: Southwest Value Partners Buyer: Global Hospitality Investment Group Q3 2023 Cap Rates
Average cap rates for U.S. hotels decreased by four basis points in Q3 2023 as compared to Q2 2023. The following table illustrates minimum, maximum, and average cap rates for U.S. hotels in Q3 2023 & Q2 2023.[/vc_column_text][vc_empty_space height='22px'][media image='8839'][vc_column_text]
Source: RealtyRates.com[/vc_column_text][vc_empty_space height='22px'][vc_column_text]Cap Rate Q3 2023 Q2 2023 Difference (bps) Minimum 5.65% 5.72% -7 Maximum 16.16% 16.12% 4 Average 10.53% 10.57% -4 Outlook
Labor shortages, rising cost of debt, continued supply chain constraints, and increased inflation of operating costs are challenging the U.S. lodging sector. In addition to the need to replenish FF&E reserve accounts, many owners are being forced to execute deferred capital expenditure refurbishments to comply with brand-mandated property improvement plans (PIP). On the flip side, the nation’s net lodging supply growth remains well below the long-term average. Although credit markets are volatile, there is no shortage of available financing for hotel assets as institutional and private investment funds are backfilling a void left by banks. Knowledgeable sector investors who understand market dynamics and can leverage relationships with multiple types of capital partners can secure investment funds regardless of market conditions in the upcoming 2-3 quarters. The business outlook for US hotels remains strong for the remainder of 2023, thanks to an uptick in business travel and a healthy preference among business and leisure travelers to stay in hotels. As per a survey commissioned by the American Hotel & Lodging Association (AHLA), 68% of Americans whose jobs involve travel said they were likely to travel overnight for business during the last three months of 2023, up from 59% in 2022. Hotels are the top lodging choice for 81% of business travelers surveyed.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top_padding='20'][vc_column width='1/4' css='.vc_custom_1679066467697{margin-right: 0px !important;border-right-width: 0px !important;}'][/vc_column][vc_column width='3/4' css='.vc_custom_1701236381406{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;}'][vc_empty_space height='20px' css='.vc_custom_1679117091839{margin-bottom: 0px !important;padding-bottom: 0px !important;}'][/vc_column][/vc_row]" target="_blank">
