Pyramid Hotel Group recently published their Winter 2015 Hotel Industry Overview. Some highlights include a 10% growth in RevPAR in the final quarter of 2014. Last year tied with 2011 for the second highest annual RevPAR growth in the last 25 years, behind only the 8.7% pickup in 2005.
Hotel & Leisure Advisors would like to offer our sincere congratulations to both our clients, Great Wolf Lodge and Centerbridge Partners, for a merger agreement that was unanimously supported by the Board of Directors of Great Wolf Lodge. We have been honored to work with both companies and we wish them a mutually beneficial and successful business endeavor.
Hotel & Leisure Advisors was hired to conduct a hotel feasibility study for a proposed hotel in Fairport Harbor, along Lake Erie, in Ohio. The News-Herald has reported that The Lake County Ohio Port and Economic Development Authority is seeking proposals by developers for the proposed resort hotel.
Laurel Keller, H&LA’s Director of Appraisal and Consulting Services, was quoted in the Cleveland Plain Dealer article that highlighted the slow growth in Cleveland’s convention segment. Cleveland landed a huge win for the convention business with the RNC’s decision to make Cleveland its destination. But looking beyond 2016, the city still has a ways to go to make its convention dreams a reality.
Our hospitality consultants are headed to Baton Rouge, Louisiana; Dahlonega, Georgia; and Chicago, Illinois this week to conduct fieldwork and analyze the local markets for a proposed hotel resort & golf course feasibility study and two hotel impact studies.
According to a study by Oxford Economics, cities that spend money marketing their brands and amenities see a significant economic growth and employment that benefits more than just the tourism industry. The Cleveland Plain Dealer published an article that summarized the studies findings. As consultants for the hospitality industry, we see a definite correlation between the engagement of CVB’s and the effect their efforts have on the communities they represent.
As a waterpark feasibility expert, David Sangree was asked to offer his thoughts to the Orlando Sentinel about Universal Orlando’s plans to for a water playground. This would increase competition among Orlando’s waterparks.
Our consultants have a busy week ahead of them with trips to Orange, Ohio and to Round Rock and Frisco, Texas. The trip to Orange will include fieldwork for a hotel appraisal. In Round Rock and Frisco, our consultants will be conducting fieldwork and market research for two indoor waterpark feasibility studies.
Great Wolf Lodge has submitted a proposal to the planning committee in Colorado Springs to complete the partially finished Renaissance hotel and construct and adjacent waterpark. The project would be renamed Great Wolf Lodge and Interquest Marketplace and have 311 rooms.