U.S. Hotel Market May Not Recover Until Late 2021 or Early 2022, According to Integra's Newly Released Hospitality Market Report
DENVER, CO - Integra Realty Resources (IRR), one of North America's largest independent commercial real estate valuation and consulting firms, announced its Mid-Year U.S. Hospitality Report -- a supplemental update to its flagship Viewpoint 2020 report released in January -- is now available.
According to the report, the U.S. Hospitality Market may not recover until late 2021 or early 2022. Julie Fugitt-Schultz, CCIM, Director Hospitality Valuation for Integra Realty Resources and National Practice Leader of Integra Hotels - Specialty Practice Group, adds, "It's no secret the U.S. Hotel Market has taken a significant hit, however a positive recent development is consumer sentiment rebounded in June with Recent Travel Sentiment data mirroring this uptick. Consumer spending and leisure room night demand increased thanks to pent-up consumer demand combined with lower gas prices and safety perceptions of 'drive-to' destinations. Overall, we expect leisure demand to be the first to exhibit post-recession recovery, followed by a slower return of corporate transient and corporate group demand."
For more insight into the U.S. hospitality market, download this comprehensive report for free at www.irr.com/research
Integra Hotels is IRR's hospitality specialty practice group, offering valuation services for lending, market/feasibility studies, insurance appraisals, and litigation support. Over the past 36 months, IRR has completed 2,500 hospitality assignments nationwide, totaling more than $25 billion in asset value, ranging from small, independently owned bed and breakfasts, to major luxury hotel brand portfolios. For more information on Integra Hotels, please visit www.irr.com/hotelsAbout Integra Realty Resources
Integra Realty Resources (IRR) is the largest independent commercial real estate valuation services firm in North America, covering more than 60 markets with over 600 employees throughout the United States, and the Caribbean. The firm specializes in real estate appraisals, feasibility studies, market studies, expert testimony, and related property consulting services. Many of the nation's largest and most prestigious financial institutions, developers, corporations, law firms, and government agencies are among IRR's clients. In 2019, IRR completed more than 22,000 assignments across 60 metro markets totaling more than $104 billion in asset value. For more information, visit www.IRR.com