PKF: Historic Hotels Continue Strong Performance
The outlook for the U.S. lodging industry, particularly historic hotels, continues to show extremely strong performance, according to PKF Hospitality Research.
For the second consecutive year, PKF Hospitality Research, a CBRE Company presented a Historic Hotels of America– five-year forecast at the Historic Hotels of America annual conference.
Mark Eble, managing director and Midwest practice leader for PKFC-USA|CBRE Hotels, shared key points with more than 200 Historic Hotels of America annual conference attendees at French Lick Resort on Thursday, October 8.
He revealed that hotels that are marketed as historic hotels achieve a substantial premium in ADR and REVPAR over comparable contemporary hotels. Per STR, Inc., the aggregate RevPAR for historic hotels that are members of Historic Hotels of America continues to fall between national averages for all upper-upscale and all luxury hotels in the U.S.
Over the next five years, RevPAR for historic hotels is expected to grow at a compound average annual rate of 4.2 percent, tracking closely with the nation’s upper upscale hotels at 3.9 percent and 4.5 percent for luxury hotels. Most of the RevPAR growth is expected to stem from increases in ADR.
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