Atlanta's hotel market had a strong 2015, according to a handful of hospitality REIT execs. And this year should be the same.
From Host Hotels & Resorts to Starwood and Hyatt, the hotel chains are feeling good about the Dirty South. “In our South and Central markets, Atlanta and Florida outpeformed the portfolio with RevPAR growth of 7.8% and 7.1%, respectively,” Host Hotels execs state in SEC docs. Host notes that its renovations at Westin Buckhead Atlanta and Grand Hyatt Atlanta “led to strong rate growth.” Hosts other area hotels include Atlanta Marriott Suites Midtown, The Ritz-Carlton Buckhead and Atlanta Marriott Perimeter Center.
Starwood Hotels & Resorts CFO Alan Schnaid recently told analysts that RevPAR in Atlanta, along with Minneapolis, San Diego, Orlando and Maui, saw double-digit growth, helping push the stat up 5% across its entire US portfolio. But markets like Houston, Oklahoma City, Calgary and Edmonton—big-time energy sector economies—saw declining RevPAR, and NYC RevPAR suffered slightly due to “continued oversupply challenges,” Alan says. Hyatt Hotels saw RevPAR jump 10% in Atlanta, as well as Orlando, San Fran and Mexico City, CFO Atish Shah told investors last week. “We expect continued strong performance in 2016. Our hotels in Orlando, Mexico City and Atlanta should do well,” Atish says.
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