Report: Atlanta Hotel Fundamentals To Remain Strong
Atlanta's hotel market is showing no signs of a slowdown thanks to jumps in jobs and tourism throughout the state. Oh, and also in part due to a little upcoming football game coming to Atlanta called the Super Bowl.
Atlanta's average occupancy growth rate climbed half a percentage point during the past year through June to 70.3%, according to a report from Marcus & Millichap in Atlanta. That climb in people staying in hotel rooms came despite an increase of more than 2,600 new rooms in the metro area in the same time frame.
The daily room rate increased 4% to $109/night with revenue per available room, or RevPAR (a hotel industry statistic derived by dividing total room revenue with the number of rooms available for a period of time), rising nearly 5% to more than $76. Both were stronger increases than in the previous year, Marcus & Millichap reported.
The good times are not likely to end any time soon for Atlanta hoteliers, either.
“Many companies continue to expand and relocate extended corporate headquarters in Atlanta, including the parent company of Arby’s, Inspire Brands, as well as Starbucks, and Pandora, boding well for room demand as professionals attend meetings and interviews,” Marcus & Millichap said in the report.
“Super Bowl LIII will be held in Mercedes-Benz Stadium in 2019, attracting many visitors and boosting occupancy and RevPAR growth,” the report said.