January 20, 2021
With large increases to its rooms supply and a heavy reliance on corporate and group travel, the Boston market faces an uphill battle in its recovery. The travel and leisure industry has finally wrapped up 2020; a year like no other, with hotels enduring devastating declines to demand and revenue, job losses across the industry, […]
December 14, 2020
Article featured in Banker & Tradesman, November 30, 2020 The Boston & Cambridge lodging has ranked as one of the best performing markets in the country the last few years. Market occupancy was 82.3% in 2019, the seventh consecutive year above 80%. However, as a result of the ongoing pandemic and its impact to the […]
November 17, 2020
As the United States faces a growing number of COVID-19 cases, surpassing 10 million in early November, lodging markets across the country continue to face unprecedented declines in demand. Through October, the Boston & Cambridge lodging market has experienced some of the steepest declines in demand and revenue across the country’s top-25 markets according to […]
November 4, 2020
The importance of considering Total Rooms Inventory (TRI) in measuring Lodging Industry performance. Through the pandemic, hotel Occupancy rates have hit historic lows throughout the country. We have constantly been asked “how bad is it?” Reports early in the pandemic, while awful, seemed to actually understate the catastrophic effect of the pandemic on the hospitality […]
October 7, 2020
The Greater Boston market has experienced a 71% decline in room revenue through August when compared to the same time last year, the largest decline of all top-25 markets according to STR. Hotels in Boston and Cambridge, as well as those in the Greater Boston area, began to feel the effects of the ongoing pandemic […]
July 28, 2020
During the early stages of the ongoing pandemic, the Boston & Cambridge lodging market was one of the most heavily hit markets in the country. As part of the state’s phased reopening process, hotels were allowed to reopen in June, however, it became clear that most hotels would take a more cautious approach to restarting […]
July 16, 2020
In the case of property tax assessments in Florida, probably somewhat less than the county property appraiser assumes. A recent court decision invalidated the method used by many county property tax appraisers in Florida to develop “just” values for hotels. The Background Walt Disney Parks and Resorts successfully argued that the Orange County Property Appraiser […]
July 14, 2020
For 2019, Pinnacle Advisory Group estimated that Boston and Cambridge hotels generated nearly $2 billion in rooms revenue, based on a total supply of nearly 25,700 rooms, an average occupancy of 81.4 percent and an average daily rate (ADR) of $259. Over 13,300 people are employed in the hotel industry sector in Boston and Cambridge. […]
May 19, 2020
The coronavirus pandemic’s impact on travel is thought to be six or seven times greater than the 9/11 attacks, according to the U.S. Travel Association. Air travel volume fell precipitously through March. The estimated revenue losses by air carriers in 2020 is at least $252 billion. In late March, domestic carriers received a $60 billion […]
May 15, 2020
Hotels throughout New England are normally preparing for their peak season this time of year. Unfortunately, 2020 has been anything but normal. The impact of COVID-19 and the changes to normal day-to-day life have had severe impacts on lodging markets across the country. Many hotels throughout New England have temporarily closed and those that are […]
