Dear Friends,
We are rounding the corner of being a full year into the global pandemic, and we are starting to see some recovery in the Leisure & Hospitality sector. In our area, we are experiencing increased occupancy rates, hospitality job growth, and positive hotel trends. However, there is still much to navigate.
To help you through this process, in this month's issue, you'll find:
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Downloadable 2021 Multifamily Sale Comps for the Boward County area. Hotel conversions to multifamily and ALF product is increasing.
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Current hotel occupancy update & a look at the U.S. Market Recovery Monitor
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Podcast interview with Rachel Sapoznik from Sapoznik Insurance Company on Employee Benefits for Businesses
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A curated selection of the latest market news & trends to help inform your business decisions and strategy
- A selection of hotel properties for sale in Florida
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Downloadable Hospitality Employment Report for the Fort Lauderdale MSA
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Active Immediate Buyer Needs
In this edition, you will also find a link to the Greater Ft. Lauderdale's Beachside Directory. This guide is a resource for local residents and a way for local businesses to promote their services and establishments. I invite you to list your business, hotel, or restaurant today!
In the meantime, if you know anyone who is considering selling or acquiring a hotel or multifamily property, please send them my way.
Best Regards,
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FOLLOW ME ON LINKEDIN OR FACEBOOK. |
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Premier Hotel Realty
954-543-5411
Director, Greater Pompano Beach Chamber of Commerce
Former Director, Lauderdale-by-the-Sea Chamber of Commerce
Podcast Host: Hotel Happenings with Rick Tobin
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Boward County Multifamily Sales Comps Report | JAN-FEB 2021
Wondering how much your property could sell for?
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In this report, you'll find a representative sample of Multifamily property sales in the Boward County area.📍
Check out select properties to get an idea of what properties like yours are selling for.
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Download your copy of my latest Multifamily Sales Comps Report below. |
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In this section, I've curated for you the latest market and industry news and trends to help you stay one step ahead of the curve, plan for what's coming, and create new opportunities within a changing landscape. |
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STR: U.S. Occupancy Reaches its Highest Level in a Year |
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U.S. weekly hotel occupancy jumped almost seven points from 52.1% the previous week, to the highest level in the country in over a year.
For the week of Mar 14th - 21th, occupancy was recorded at 58.9%, a 93.9% increase from the comparable, pandemic-affected week last year. And more importantly, represented almost 85% of occupancy regained from the 2019 benchmark.
There was an improvement in the average daily rate (ADR), recorded at $108.07, representing 81% of the comparable 2019 level.
The Revenue per available room (RevPAR) was US$63.62.
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Every Top 25 Market experienced week-to-week improvement in occupancy.
Outside of the major markets, destinations in Florida and Texas continued to advance with those like the Florida Keys, Sarasota, McAllen/Brownsville, and San Antonio even surpassing 2019 levels.
Among the Top 25 Markets:
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Tampa with 85.3% and Miami with 80.7% experienced the highest occupancy levels
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U.S. Market Recovery Monitor | 20 March 2021 |
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Pent-up demand has clearly revealed itself over the past two weeks.
Over the 14-day period, ending with 20 March, U.S. hotel demand reached:
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21.8 million room nights, which was an increase of +3.7 million from the previous two weeks
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As a result, occupancy hit yet another pandemic high of 58.9%.
Even when switching to STR’s total-room-inventory (TRI) methodology, which factors in those properties temporarily closed due to the pandemic, occupancy still came in at 55.7%.
Occupancy, regardless of methodology, has been on a steady rise since late January.
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Weekend occupancy was even stronger at 71.7% (67.6% including temporary closures)—both percentages were the highest in the country since March 2020.
All but three U.S. markets showed week-to-week demand growth, led yet again by the Florida Keys, where occupancy topped 95%. And, like last week, all but one of the top 10 highest weekly occupancy markets were in Florida.
U.S. ADR also reached a pandemic high, up 5.2% week-over-week,
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following the previous week’s 4% gain.
56 markets reported a weekly ADR that was 95% or more of their 2019 ADR for the same week.
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On a year-over-year basis, ADR increased 15.8%
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RevPAR was up 124.5% this week
RevPAR growth is expected to remain in the strong double-digits for some time to come.
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Let's Talk About Employee Benefits for Businesses
I am pleased to share with you my interview with Rachel Sapoznik of Sapoznik Insurance; a World Insurance Company.
Join us in our discussion on employee benefits, and the affordable solutions tailored for the current hotel industry landscape.
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10 Hotel Trends to Watch in 2021 |
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Following the unprecedented events of 2020, Hoteliers are bracing for the long road to recovery in 2021.
With our latest Hotelier PULSE Report revealing that the majority of Hoteliers only expect to financially recover to 2019 levels in 2022 or 2023, cost-saving measures will continue to be top of mind for the industry worldwide.
In addition, local tourism will continue to be crucial for Hotels' recovery, with increasing numbers of Hoteliers now
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reshaping their marketing strategies around local markets in the coming year and beyond.
2020 was a year unlike any other for the worldwide Hotel industry. And while the industry has been significantly impacted as a result, the downturn has also given Hoteliers the opportunity to rethink and reset their sales and marketing strategies for 2021.
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Is This the End of Business Travel As We Know It? |
As America hurtles toward a post-pandemic future, some pre-2020 customs won't survive the transition.
Chief among those up for re-evaluation: business travel.
On the latest Pivot podcast, Scott Galloway and Kara Swisher discuss whether the corporate-funded journeys of the past make sense anymore...Continue Reading
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Post-COVID Guest Experience: How Can Hotels Maintain a Personal Touch?
— 5 experts shared their view
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The social distancing measures implemented during the height of COVID-19 will linger and impact hospitality well into the future.
This panel-viewpoint aims to address how hospitality leaders can think outside the box in the post-COVID era by asking...
"How can hoteliers continue to deliver a personalized experience with a human touch... while ensuring a contactless, sterile environment?" ...Continue Reading
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FEATURED PROPERTY
Great Escape Inn...
Steps From the Ocean & Pristine Beaches
4620 N Ocean Dr, Lauderdale-by-the-Sea, FL 33308
PRICE: $2,460,000
The Great Escape Inn has won «2021 LOVED BY GUESTS» & «2021 SUPERB» awards by Hotel.com
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- Steps to the ocean & beach
- 12-units | +5,500 SF
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- Private heated pool
- Close to everything LBTS has to offer
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Interested in learning more? Contact Rick for more information.
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FEATURED PROPERTY
Key Largo Inn...
62-Units in Beautiful Key Largo, FL
99202 Overseas Hwy Key Largo, FL 33037
PRICE: $12,500,000
Location! Location! Location! The Key Largo Inn is the first, and most easily accessible of the Florida Keys.
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- 62-units | 38 standard-sized & 12 two-room suites
- Scuba Diving shop, private swimming pool & bar onsite
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- 28,006 SF | 0.81 acres
- Excellent location in Key Largo, close to the beach & crystal clear blue waters
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Interested in learning more? Contact Candy Yeung for more information.
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Sunrise Sands Beach Resort...
The Only Beachfront Hotel For ~14 Miles
110 S Ocean Dr, Fort Pierce, FL 34949
PRICE: $6,500,000
Nestled on South Hutchinson Island between Palm Beach and Melbourne, the Sunrise Sands Beach Resort is located in the heart of Fort Pierce, FL.
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- Oceanfront beach access
- 23-rooms, equipped with refrigerator, microwave, and small sink
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- Onsite restaurant with a large commercial kitchen, 3 indoor bars & an outdoor dune bar
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Interested in learning more? Contact Rick for more information.
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Hotel Seacrest...
Lush Vegetation & Steps To The Ocean
4562 Bougainvilla Dr, Lauderdale-by-the-Sea, FL 33308
PRICE: $2,499,000
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For Sale Again!
Hotel Seacrest offers a secluded and private tropical oasis, with access to all that Lauderdale-by-the-Sea has to offer. Shops, restaurants, and entertainment are all within a short walk from the hotel.
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- Newly remodeled 8-room hotel
- Mature and lush vegetation throughout the property
- Clean and endless beaches stretch for miles!
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- Beautiful private pool
- Amazing location, steps to the ocean, shopping, restaurants & more!
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Interested in learning more? Contact Rick for more information.
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Hospitality Employment Update | FEB 2021 |
This report tracks the Leisure and Hospitality sector in the Fort Lauderdale-Pompano Beach-Deerfield Beach MSA over the past six months.
While the sector has been deeply impacted due to the pandemic, we are now seeing:
- Month-over-month growth
- +59.3% increase from the lowest recorded number of jobs in April 2020.
Download your copy of my latest Hospitality Employment Report Report below to get the details!
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We have a high demand from buyers who are urgently seeking hotel properties in Florida, Texas, California & Colorado.
Below are just a few of the many Buyer Wants & Needs that are pouring in!
If you have a hotel property to sell, please get in touch ASAP.
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Join for Facebook Live interview sessions, get exclusive market data, see hotel and restaurant property tours, join our marketing sessions, and more |
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We have one of the largest Florida local community networks on Facebook! |
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Rick is a member and director of the Greater Pompano Beach Chambers of Commerce, and a member and former director of the Lauderdale-by-the-Sea Chamber of Commerce. |
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Did you find this newsletter useful?
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Developed by CRE HUB at iMedia International for Premier Hotel Realty.
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