Now is a golden age for hotels—an age of high occupancies and high RevPAR, especially in a growing place like Seattle. Are developers overreacting with too many new rooms? Find out at our Seattle Hospitality on the Horizon event March 25 at the Grand Hyatt Seattle.
HVS VP Desiree Flanary, who will be a speaker, tells us
the strengthening and expansion of metro Seattle's economic drivers, such as Amazon, should help with the absorption of all of the new room supply expected to arrive in the market over the next three years. Desiree is shown with her family this past September, participating in the MS Society Deception Pass ride.
Desiree adds Seattle market hotel occupancy increases will temper. The overall strength of the market’s fundamentals, as well as the expected rate integrity of Seattle’s top-performing hotels, should keep hotel values and performance metrics on a trend of growth through the near term.
According to Kidder Mathews' Q4 2015 report on the Seattle hotel market, room prices in most submarkets are well above pre-recession levels. Eight new hotels in the tri-county area opened in 2015, and eight more will open this year. There are 15 hotels under construction, mostly in King County, with others on the drawing board. Above is the Hyatt House Space Needle just east of Seattle Center, which was completed by Ariel Development last summer.
Hear more at Bisnow's Seattle Hospitality on the Horizon event beginning at 7:30am March 25 at the Grand Hyatt Seattle. Sign up here!
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