Ohio Chapter of the Appraisal I nstitute 4 0 th Annual Econom ic Sem inar Ohio and National Lodging I ndustry Overview : Statistics, Appraisal I ssues, and New Supply Presented by: David J. Sangree, MAI , CPA, I SHC
Presentation Outline: • National Hotel Overview • Cleveland Market Overview • Columbus Market Overview • Cincinnati Market Overview • Dayton Market Overview • National Hotel Pipeline and Forecasts • Appraisal Process for Hotels Presentation by David J. Sangree, MAI, CPA, ISHC
Overall U.S. Lodging Performance Occupa ncy % Cha nge ADR % Cha nge Re v PAR % Cha nge 2012 61.4% 4.2% $106.02 3.8% $65.10 8.1% 2013 62.3% 1.5% $109.98 3.7% $68.47 5.2% 2014 64.4% 3.4% $114.92 4.5% $74.02 8.1% 2015 65.5% 1.7% $120.01 4.4% $78.63 6.2% 2016 65.5% 0.0% $123.97 3.3% $81.19 3.3% Source: STR Presentation by David J. Sangree, MAI, CPA, ISHC
Ohio Pe r for m a nce Sum m a r y Year Occ % change ADR % change REVPAR % change 2012 58.4% 4.8% $82.98 4.8% $48.42 9.8% 2013 58.5% 0.2% $86.98 4.8% $50.89 5.1% 2014 59.8% 2.2% $90.42 4.0% $54.12 6.3% 2015 60.2% 0.7% $94.59 4.6% $56.98 5.3% 2016 59.7% -0.8% $97.40 3.0% $58.16 2.1% Source: STR Presentation by David J. Sangree, MAI, CPA, ISHC
Cle v e la nd MSA Sum m a r y Year Occ % change ADR % change REVPAR % change 2012 61.0% 6.7% $88.79 5.4% $54.18 12.4% 2013 61.8% 1.3% $93.94 5.8% $58.06 7.2% 2014 61.2% -1.0% $98.64 5.0% $60.33 3.9% 2015 62.9% 2.9% $102.45 3.9% $64.49 6.9% 2016 61.2% -2.8% $109.39 6.8% $66.95 3.8% Source: CBRE Hotels Am ericas Research, STR, Q2 2017 Presentation by David J. Sangree, MAI, CPA, ISHC
Cle v e la nd MSA YTD Sum m a r y Date Occ % change ADR % change REVPAR % change Aug-17 60.9% -3.8% $ 105.30 -4.6% $ 64.15 -8.2% Source: STR • YTD occupancy and ADR decline from fewer major events (no RNC Convention) and large supply increases (600-room Hilton and others) Presentation by David J. Sangree, MAI, CPA, ISHC
Cleveland MSA Hotel Supply Changes & Conversions Cleveland MSA Hotel Supply Changes & Conversions Num ber of Num ber of Hotel Location Open Date Hotel Location Open Date Room s Room s Avon Place Residence Inn Avon 116 Mar 2016 Home2 Suites by Hilton Middleburg Heights 112 Mar 2017 Kimpton Hotel Downtown Cleveland 123 Mar 2016 aloft Hotel North Olmsted North Olmsted 135 Aug 2017 Drury Plaza Hotel Downtown Cleveland 180 Apr 2016 Hampton Inn & Suites Oakwood Village Oakwood Village 86 Sep 2017 Holiday Inn Cleveland Clinic Cleveland 276 May 2016 Crowne Plaza at Playhouse Square Cleveland (downtown) Unchanged Sep 2017 Hilton Hotel Cleveland Convention Center Downtown Cleveland 600 Jun 2016 Four Points by Sheraton Cleveland-Eastlake Eastlake Unchanged 1Q 2018 Hyatt Place Hotel Legacy Village Lyndhurst 135 Jun 2016 Comfort Suites Brunswick 84 1Q 2018 Springhill Suites by Marriott Independence 121 Jun 2016 Residence Inn by Marriott Middleburg Heights 100 2Q 2018 Holiday Inn Express Westlake 91 Jun 2016 TownePlace Suites by Marriott Solon 101 2Q 2018 Holiday Inn Express & Suites Medina 92 Jun 2016 Innova Residence Inn by Marriott Cleveland 175 4Q 2018 Fairfield Inn & Suites Medina 76 Oct 2016 AC Hotel by Marriott Pinecrest Orange 145 1Q 2019 Hampton Inn North Olmsted Cleveland Airport North Olmsted 118 Nov 2016 Curio Collection by Hilton Cleveland (downtown) 279 1Q 2019 Home2 Suites by Hilton Independence 120 Nov 2016 Tru by Hilton Cleveland Midtown Cleveland 114 1Q 2019 Total 3,470 Four Points by Sheraton Cleveland Airport Cleveland Unchanged Dec 2016 Source: Hotel & Leisure Advisors Home2 Suites by Hilton Beachwood 91 Feb 2017 Presentation by David J. Sangree, MAI, CPA, ISHC
Cincinna ti MSA Sum m a r y Year Occ % change ADR % change REVPAR % change 2012 56.6% 1.1% $86.27 1.8% $48.85 2.9% 2013 58.5% 3.4% $89.59 3.8% $52.44 7.4% 2014 60.6% 3.6% $95.01 6.1% $57.60 9.8% 2015 63.2% 4.3% $98.58 3.8% $62.32 8.2% 2016 64.3% 1.7% $101.32 2.8% $65.13 4.5% Source: CBRE Hotels Am ericas Research, STR, Q2 2017 Presentation by David J. Sangree, MAI, CPA, ISHC
Cincinna ti MSA YTD Sum m a r y Date Occ % change ADR % change REVPAR % change Aug-17 66.2% 0.7% $ 105.56 3.1% $ 69.93 3.8% Source: STR • 2017 achieving modest occupancy growth and above inflationary ADR growth Presentation by David J. Sangree, MAI, CPA, ISHC
Cincinnati MSA Hotel Supply Changes & Conversions Num be r of Hote l Loca tion Ope n Da te Room s AC Hotels by Marriott Cincinnati at Liberty Center Liberty Township 130 Feb 2016 Ham pton I nn & Suites by Hilton Cincinnati Kenwood Cincinnati, OH 118 Feb 2016 Ham pton I nn by Hilton Cincinnati Blue Ash Blue Ash, OH 118 Jun 2016 Ham pton I nn & Suites by Hilton Cincinnati Mason Mason, OH 112 Jun 2016 Hom e2 Suites by Hilton Cincinnati Liberty Township Center Liberty Township 91 Aug 2016 Hotel Cov ington Cov ington, KY 114 Aug 2016 Fairfield I nn & Suites Cincinnati Uptown Univ ersity Area Cincinnati, OH 115 Sep 2016 The Blu Hotel, An Ascend Collection Hotel Blue Ash, OH Unchanged Oct 2016 Holiday I nn & Suites Cincinnati Cincinnati, OH 117 Dec 2016 Ham pton I nn & Suites by Hilton Newport/ Cincinnati Newport, KY 122 Dec 2016 Aloft Newport on the Lev ee Newport, KY 144 Jan 2017 Best Western Plus Cincinnati Riv erfront Downtown Cov ington, KY 20 Jun 2017 Hy att Place Sharonv ille Conv ention Center Sharonv ille, OH 119 Jun 2017 SpringHill Suites Cincinnati Blue Ash Blue Ash, OH 100 Jul 2017 Residence I nn Rook wood Ex change Cincinnati, OH 118 Sep 2017 Hom e2 Suites by Hilton Florence Florence, KY 109 Sep 2017 AC Hotels by Marriott The Bank s Cincinnati, OH 171 Oct 2017 Holiday I nn Ex press & Suites Wilder Wilder, KY 93 Q1 2018 The Sum m it, A Dolce Hotel Madisonv ille, OH 239 Q1 2018 Hom ewood Suites by Hilton Oak ley Station Cincinnati, OH 108 Q1 2018 The Ly tle Park Hotel, Autograph Collection by Marriott Cincinnati, OH 106 Q2 2018 The Cincinnatian Hotel, Curio Collection by Hilton Cincinnati, OH Unchanged Q2 2018 Sonesta ES Blue Ash Blue Ash, OH Unchanged Q2 2018 Tota l 2 ,3 6 4 Source: Hotel & Leisure Adv isors Presentation by David J. Sangree, MAI, CPA, ISHC
Colum bus MSA Sum m a r y Year Occ % change ADR % change REVPAR % change 2012 62.0% 3.8% $85.74 5.5% $53.14 9.5% 2013 62.1% 0.3% $89.81 4.7% $55.80 5.0% 2014 63.0% 1.4% $94.07 4.8% $59.28 6.2% 2015 64.8% 2.9% $99.26 5.5% $64.38 8.5% 2016 65.9% 1.7% $101.93 2.7% $67.18 4.4% Source: CBRE Hotels Am ericas Research, STR, Q2 2017 Presentation by David J. Sangree, MAI, CPA, ISHC
Colum bus MSA YTD Sum m a r y Date Occ % change ADR % change REVPAR % change Aug-17 67.0% 0.1% $ 103.55 2.0% $ 69.40 2.1% Source: STR • 2017 will finish with stable occupancy and ADR will be consistent with inflationary growth Presentation by David J. Sangree, MAI, CPA, ISHC
Columbus MSA Hotel Supply Changes & Conversions Num be r of Hote l Loca tion Ope n Da te Room s Ham pton I nn & Suites New Albany Colum bus New Albany 114 Feb 2016 Staybridge Suites University Area OSU Colum bus 90 Sep 2016 Courtyard Colum bus OSU Colum bus 135 Oct 2016 Ham pton I nn & Suites Colum bus Scioto Downs Lockbourne 118 Mar 2017 Autograph Collection Hotel LeVeque Colum bus 149 Mar 2017 Courtyard Colum bus Grove City Grove City 104 Aug 2017 Residence I nn Colum bus OSU Colum bus 114 Aug 2017 Marriott Colum bus OSU Colum bus 240 Aug 2017 Staybridge Suites Colum bus Polaris Polaris 119 Sep 2017 Hom e2 Suites by Hilton Dublin, OH 129 Sep 2017 AC Hotel by Marriott Colum bus Dublin Dublin 150 Sep 2017 Aloft Hotel Westerville Westerville 99 1Q 2018 Hom e2 Suites by Hilton Colum bus Airport East New Albany 90 1Q 2018 Renaissance Hotel & Conference Center Westerville 224 2Q 2018 Hom e2 Suites by Hilton Colum bus Downtown Colum bus 107 2Q 2018 BrewDog Hotel Canal Winchester 125 4Q 2018 Canopy by Hilton Downtown Colum bus Colum bus 168 1Q 2019 Aloft Hotel Colum bus 164 1Q 2019 Moxy Hotel Short North Colum bus 111 2Q 2019 Tota l 2 ,5 5 0 Source: Hotel & Leisure Advisors Presentation by David J. Sangree, MAI, CPA, ISHC
Da y ton MSA Sum m a r y Year Occ % change ADR % change REVPAR % change 2012 55.6% 0.2% $71.41 3.8% $39.67 4.0% 2013 54.3% -2.2% $73.79 3.3% $40.08 1.0% 2014 57.3% 5.4% $76.06 3.1% $43.55 8.7% 2015 61.1% 6.6% $77.31 1.7% $47.21 8.4% 2016 63.3% 3.6% $81.39 5.3% $51.48 9.1% Source: CBRE Hotels Am ericas Research, STR, Q2 2017 Presentation by David J. Sangree, MAI, CPA, ISHC
Da y ton MSA YTD Sum m a r y Date Occ % change ADR % change REVPAR % change Sep-17 64.6% -1.7% $ 85.75 4.8% $ 55.36 3.0% Source: STR • 2017 will finish with a decline in occupancy and ADR will be above inflationary growth Presentation by David J. Sangree, MAI, CPA, ISHC
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