Sean O’Neill, Skift
September 9th, 2022 at 2:00 AM EDT
Talk of inflation has soured some people on the prospects for hotels for the rest of the year. But some analysts, such as CBRE and Truist, have upgraded their views. Plus, Asia’s recovery and other news items.
— Sean O’Neill
Sunday, Sept. 4
After a record-breaking 2021 for hotel sales in California, hotel transactions have cooled off in the state in the first six months of this year, reported the San Diego Business Journal, citing data from Atlas Hospitality Group. The number of individual hotel sales declined by 9.9 percent and total dollar volume is down 33.6 percent thus far in 2022, according to Atlas. The median price per room has increased by 12.7 percent statewide, year-over-year, to a new California record of $143,443.
Skift Note: The Atlas Hospitality Group data dovetails with reports from Lodging Econometrics and others showing an overall U.S. slowdown in hotel construction and development in 2022 from the momentum of January.