5 Things to Know: California Hotel Pricing Climbing Up, but Pace Down
By the HNN editorial staff
California hotel pricing climbing up, but pace down: Atlas Hospitality Group released its “2016 Mid-Year California Hotel Sales Survey,” which shows that sales were off in the first quarter of 2016.
Total dollar volume fell 56% for the first half of the year compared to the same period in 2015, and individual transactions were down 17%.
Hotel sales values in California climbed in the first half, though, and the median price per room increased 11.3%. This was off from the record-breaking growth pace of 2015, which had a median price per room increase of 25%.
Atlas reports that buyers’ attitudes can be summarized as “cautious,” so far this year because there are concerns that hotel values have peaked.