Posted Apr 30, 2018, 2:02 PM
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Registered User
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Join Date: Sep 2015
Location: Austin, TX
Posts: 3,588
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From the hospitality desk: some Austin market data points:
BISNOW: Y'all Come Back Now: Texas Hospitality Sector Taking Off
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Austin continues to outperform the rest of Texas with occupancy remaining well over 70% throughout 2017. The city benefits from hosting a large number of festivals each year, including SXSW and ACL. Last year Austin ranked among the top five cities experiencing a hotel boom, according to STR. Austin's skyline is being transformed by the hospitality industry. Marriott is working on a 31-story hotel by the convention center. A 37-story Fairmont, a 32-story Aloft and a 24-story Hotel ZaZa are also underway. Austin has reaped the rewards of that growth through its hotel occupancy tax. The city got about $75M in 2017, triple the amount collected 15 years ago. (Hear more about Austin's hospitality sector at Bisnow's Austin Hospitality: The Future World-Class City June 19.)
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https://www.bisnow.com/houston/news/...king-off-87369
COMMUNITY IMPACT: As downtown hotel boom continues, Austin’s arts scene enjoys the benefit
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Just before the South by Southwest Conference and Festival, Austin’s largest hotel opened its doors. The Fairmont Austin is 598 feet tall with 1,048 rooms, 36 more rooms than the JW Marriott.
Michael McMahon, Fairmont Austin director of sales and marketing, said hotel executives and the developer recognized a market that was loaded with demand, too low on supply and an attractive destination for visitors.
“It’s a bucket list city that you might not know is on your bucket list yet,” McMahon said.
According to data from San Antonio-based hotel consulting firm Source Strategies, 5,772 hotel rooms were added in the city between 2012 and 2017. That is 2,566 more than the number of rooms added in the 10 years prior. In the last eight years, the city’s hotel occupancy tax revenue has nearly doubled, from $46.8 million in the 2010-2011 fiscal year to an estimated $93.3 million in FY 2017-18. There are plenty of reasons those visitors fill hotel rooms downtown. Dewitt Peart, CEO of the Downtown Austin Alliance, says he hears from tourists that Austin’s downtown is safe, clean and walkable. Justin Bragiel, general counsel for the Texas Hotel & Lodging Association, pointed to the Austin Convention Center and Visit Austin as important drivers of the hotel and tourism economy.
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and
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Can the trend continue?
Paul Vaughn, senior vice president of Source Strategies, says supply for hotel rooms in Austin still trails demand. Even with more than 5,000 new hotel rooms added in Austin between 2012 and 2017, the occupancy rate in Austin in 2017 was 76 percent, up from 54 percent in 2002.
Revenue per available room, a key factor in determining the hotel industry’s success, was $113.25 in Austin in 2017, a figure Vaughn says is significantly higher than any other Texas city.
“I don’t think you’re going to see demand drop off. The market is still undersupplied; you’re still catching up,” he said.
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https://communityimpact.com/austin/c...s-the-benefit/
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