US Lodging Real Estate Cycle
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- Stanley Stevens
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2 US Lodging Real Estate Cycle Earnings Development Lending Transactions Peak New Hotel Openings Peak Earnings Peak Transaction Activity New Project Announcements Full Operating Recovery Wall St. Activity Early Transaction Recovery Main Street Debt Availability Conversions/Renovations Landing Zone?? Early Operating Recovery Recovery Expansion Cycle Peak X Lodging Econometrics, Inc. Rev. Rev. 10/1/15 11/16/16
3 Global Construction Pipeline By Projects & (000s) 2500 Winter 2017 Under Construction Starts in Next 12 Mos Early Planning Forecast ,741 1,900 1,954 1,966 2, ,276 1, Fall 16 Year End 16 Year End 17 Projs 7,229 7,595 10,194 11,130 11,547
4 Global Construction Pipeline Top Franchise Companies Winter 2017 Under Construction Total Pipeline Projs Rms Projs Rms Marriott ,671 2, ,675 Hilton ,168 1, ,500 IHG ,528 1, ,969 Hyatt , ,937 Accor , ,144
5 Global Construction Pipeline Select Luxury Brands Winter 2017 Open 2016 Under Construction Total Pipeline Projs Rms Projs Rms Projs Rms InterContinental 5 1, , ,465 Fairmont Hotel 15 6, ,733 Four Seasons , ,296 Dusit Thani , ,920 Andaz 4 1, , ,262 Viceroy 8 1, ,305 Like-Kind Unbranded , , ,439
6 Global Construction Pipeline Under Construction Winter % 18% 19% United States 196,409 Other Americas 80,658 36% 9% 8% Europe 87,037 Middle East 81,169 China 361,806 Other Asia 180,806 8% Other World Regions 23,575 Total 1,011,460 % By
7 Global Construction Pipeline Starts Next 12 Months Winter % 14% 5% 8% 13% 8% 50% United States 268,843 Other Americas 40,370 Europe 40,060 Middle East 25,783 China 73,129 Other Asia 68,794 Other World Regions 7,564 Total 524,543 % By
8 Global Construction Pipeline Early Planning Winter % 15% 31% United States 133,436 Other Americas 56,572 Europe 34,174 23% Middle East 29,731 China 101,107 7% 8% 13% Other Asia 65,975 Other World Regions 10,868 Total 430,625 % By
9 US Construction Pipeline By Projects & (000s) 900 Winter 2017 Under Construction Starts in Next 12 Mos Early Planning Forecast Year End 17 Projs 2,757 3,020 3,645 4,413 4,960
10 US Construction Pipeline By Chain Scale Unbranded Included Winter % 9% 2% 2% 3% 12% 34% Projs Luxury ,223 Upper Upscale ,866 Upscale 1, ,484 Upper Midscale 2, ,730 Midscale ,827 Economy ,340 Casino 31 10,218 Total 4, ,688 % By
11 US Forecast New Hotel Openings Winter 2017 Forecast Actual , , , , ,468
12 US Construction Pipeline Top Ten Markets by Winter 2017 Under Construction Total Pipeline Projs Rms Projs Rms New York , ,541 Houston 41 4, ,373 Los Angeles 31 6, ,723 Dallas 57 7, ,291 Nashville 28 3, ,73
13 US Construction Pipeline Top Ten Markets by (cont d) Winter 2017 Under Construction Total Pipeline Projs Rms Projs Rms Miami 26 3, ,707 Washington DC 22 4, ,509 Chicago 16 3, ,614 Seattle 27 5, ,955 Atlanta 30 4, ,531
14 US Construction Pipeline Hilton Worldwide Winter % 1% 3% 3% 6% 2% 1% Conrad Hotel 650 Waldorf=Astoria Collection 340 Canopy 3,426 Curio 3,392 12% Embassy Suites 7,641 26% 9% Hilton Hotel & Resort 2,594 Doubletree by Hilton 1,754 Hilton Garden Inn 16,284 26% Homewood Suites by Hilton 12,625 Hampton Inn & Suites 33,828 Home2 Suites by Hilton 34,196 Tru by Hilton 15,527 % By Total 132,257
15 US Construction Pipeline InterContinental Hotels Group (IHG) Winter % 10% 3% 3% 2% 1% 4% 15% 15% InterContinental 2,392 Kimpton Hotel 2,648 Crowne Plaza 1,402 Even Hotel 688 Hotel Indigo 3,811 Staybridge Suites 13,201 Holiday Inn 12,409 Holiday Inn Express 38,682 Candlewood Suites 9,157 Total 84,390 % By
16 US Construction Pipeline Marriott International - Luxury & Upper Upscale Winter % 3% 4% 3% Edition 647 JW Marriott Hotel 1,837 4% 4% 5% Luxury Collection 578 W Hotel 1,413 Autograph Collection 6,215 8% Delta Hotel % Gaylord Hotel 1,803 Le Meridien % Marriott Hotel 5,203 Renaissance Hotel 2,072 3% 7% 3% Sheraton Hotel 943 Tribute 985 Westin Hotel 3,237 % By Total 26,523
17 US Construction Pipeline Marriott International - Upscale, Upper Midscale, Midscale & Economy Winter % 20% 14% 12% 8% 9% AC Hotel by Marriott aloft Hotel 11,266 11,337 Courtyard 18,094 13% Element 5,970 Four Points 1,505 4% Residence Inn 23,564 SpringHill Suites 17,387 17% 1% Fairfield Inn 28,284 Moxy 4,318 TownePlace Suites 19,393 Total 141,118 % By
18 US Market Conditions Winter 2017 Operating Performance still growing but at a slower pace and nearing the end after a 77 month run Cheaper to Build a Hotel than to Buy a Hotel right now and will stay that way until Interest rate go up more than a full point at least Pipeline will keep growing through 2018 but will probably top out as operating performance softens Suppliers should continue to see sales growth for the next couple of years
19 Latin America Construction Pipeline By Projects & (000s) 200 Under Construction Starts in Next 12 Mos Early Planning Forecast Fall 16 Year End 16 Year End 17 Projs
20 Latin America Construction Pipeline Selected Markets by Under Construction Total Pipeline Projs Rms Projs Rms Sao Paulo 20 3, ,877 Cancun 2 1, ,605 Campinas 16 3, ,349 Rio de Janeiro 16 3, ,968 Lima ,534
21 Latin America Construction Pipeline Hilton Worldwide 5% 30% 5% 5% 4% Conrad Hotel 407 Curio 450 Embassy Suites % Hilton Hotel & Resort DoubleTree by Hilton 1, Hilton Garden Inn 2,721 3% Homewood Suites by Hilton % Hampton Inn & Suites 2,647 Total 8,891 % By
22 Latin America Construction Pipeline InterContinental Hotels Group (IHG) 4% 3% 5% 9% InterContinental 140 5% Kimpton 266 Crowne Plaza 482 Staybridge Suites % Holiday Inn 1,324 26% Holiday Inn Express 2,469 Candlewood Suites 202 Total 5,123 % By
23 Latin America Construction Pipeline Best Western 4% 19% Best Western Premier % 16% 5% Best Western Plus 298 Vib 100 Best Western 1,022 Glo 80 Total 1,848 % By
24 Latin America Construction Pipeline Marriott International Luxury & Upper Upscale 9% 5% 6% JW Marriott Hotel % 15% Luxury Collection 332 Ritz-Carlton 783 4% 35% 5% 7% St. Regis 246 W Hotel 383 Marriott Hotel 1,854 Renaissance Hotel 201 Sheraton Hotel 739 Westin Hotel 479 Total 5,267 % By
25 Latin America Construction Pipeline Marriott International - Upscale, Upper Midscale, Midscale & Economy 8% 28% 6% 21% 24% 14% AC Hotel by Marriott 1,802 aloft 1,052 Courtyard 1,578 Four Points 483 Residence Inn 583 Fairfield Inn 2,161 Total 7,659 % By
26 Latin America Market Conditions Mexico has seen the most pipeline growth over the past two years. Many brands seeking to expand in the region Luxury and Resort Developments are coming back in the Caribbean and Central America Brazil has seen Development decline now that the Global events have finished Multiple Developers continue to seek opportunities including mixed use and timeshare
27 Europe Construction Pipeline By Projects & (000s) 200 Under Construction Starts in Next 12 Mos Early Planning Forecast Fall 16 Year End 16 Year End 17 Projs ,008
28 Europe Construction Pipeline Selected Markets by Under Construction Total Pipeline Projs Rms Projs Rms London 63 12, ,651 Moscow 16 4, ,085 Istanbul 23 4, ,222 Berlin 17 5, ,194 Edinburgh 9 1, ,122
29 Europe Construction Pipeline Hilton Worldwide 39% 1% 2% 29% 14% 3% Canopy by Hilton 342 Curio 541 Hilton Hotel & Resort 3,308 Doubletree 3,113 Hilton Garden Inn 6,741 Hampton Inn 9,072 Total 23,117 % By
30 Europe Construction Pipeline InterContinental Hotels Group (IHG) 2% 1% 11% 40% 7% 3% InterContinental 470 Kimpton Hotel 149 Crowne Plaza 2,162 Hotel Indigo 1,512 Staybridge Suites % 37% Holiday Inn 7,390 Holiday Inn Express 8,002 Total 20,196 % By
31 Europe Construction Pipeline Best Western 46% 8% 43% Best Western Premier 602 Best Western Plus 3,251 Best Western Plus Executive Residency 158 Vib 84 Best Western 3,551 Total 7,646 2% 1% % By
32 Europe Construction Pipeline Marriott International - Luxury & Upper Upscale 1% 13% 3% 23% 1% 8% 5% Bulgari 60 3% 4% Edition 350 2% Luxury Collection 192 Ritz Carlton 287 St Regis % W Hotel 1,157 Autograph Collection 1,230 Le Meridien 110 Marriott Hotel 1,560 18% Renaissance Hotel 225 Sheraton Hotel 858 2% Tribute 74 Westin Hotel 570 % By Total 6,793
33 Europe Construction Pipeline Marriott International - Upscale, Upper Midscale, Midscale & Economy 4% 21% 9% AC Hotel 517 aloft 1,231 49% 21% Courtyard 2,962 element 78 Four Points 1,567 71% 11% 1% Residence Inn 787 Moxy 6,898 6% 14,040 % By
34 Europe Market Conditions Mid-Year 2016 France has struggled in 2016 the hope is 2017 will turn around quickly Currency fluxuations have really hurt the region Consolidation is underway in this region and will likely drive opportunities for Suppliers in the near term Likely to remain stale or without direction for the next couple of years
35 Middle East Construction Pipeline By Projects & (000s) 160 Under Construction Starts in Next 12 Mos Early Planning Forecast Fall 16 Year End 16 Year End 17 Projs
36 Middle East Construction Pipeline Selected Markets by Under Construction Total Pipeline Projs Rms Projs Rms Dubai 63 18, ,053 Makkah 21 13, ,866 Riyadh 37 7, ,123 Doha 32 6, ,076 Jeddah 20 4, ,642
37 Middle East Construction Pipeline Hilton Worldwide 2% 2% 5% 3% 1% 15% Conrad Hotel 483 Waldorf=Astoria Collection 497 Curio Collection by Hilton 651 Embassy Suites by Hilton % 48% Hilton Hotel & Resort 11,070 Doubletree by Hilton 5,439 Hilton Garden Inn 3,376 Hampton Inn 1,071 Total 22,837 % By
38 Middle East Construction Pipeline InterContinental Hotels Group (IHG) 34% 22% InterContinental 1,814 Crowne Plaza 2,008 Hotel Indigo % Staybridge Suites 900 Holiday Inn 2, % Total 8,244 % By
39 Middle East Construction Pipeline Best Western 58% 36% Best Western Premier 1,012 Best Western Plus 180 Best Western 1,624 Total 2,816 6% % By
40 Middle East Construction Pipeline Marriott International - Luxury & Upper Upscale 4% 9% 15% 1% 4% Bulgari % Edition % JW Marriott 2,146 Luxury Collection 630 Ritz Carlton 808 5% St Regis W Hotel 709 1,493 6% Autograph Collection Le Meridien % Marriott Hotel 1,971 7% 5% 12% Renaissance Hotel 512 Sheraton Hotel 1,196 Westin Hotel 1,290 % By Total 12,861
41 Middle East Construction Pipeline Marriott International - Upscale, Upper Midscale, Midscale & Economy 2% 2% 24% 12% 11% 26% 25% aloft 2,894 Courtyard 2,787 Element 1,270 Four Points 2,628 Residence Inn 1,301 Fairfield Inn 200 Total 11,080 % By
42 Middle East Market Conditions Middle East is booming again difference is growth is throughout the Chain Scales and not just the high end In some places they are building millions of square feet in mixed use with several hotels Trend is towards more select service since most of the Luxury projects and locations were built last cycle
43 Asia Pacific Construction Pipeline By Projects & (000s) Under Construction Starts in Next 12 Mos Early Planning Forecast Fall 16 Year End 16 Year End 17 Projs 2,401 2,464 4,160 4,105 3,895
44 Asia Pacific Construction Pipeline Selected Markets by Under Construction Total Pipeline Projs Rms Projs Rms Seoul 70 16, ,233 Chengdu 56 11, ,582 Sanya 49 20, ,755 Shanghai 79 15, ,071 Jakarta 69 13, ,885
45 Asia Pacific Construction Pipeline Hilton Worldwide 17% 28% 10% 5% 2% <1% 37% Conrad Hotel 3,671 Waldorf=Astoria Collection 1,265 Canopy 160 Curio 212 Embassy Suites 300 Hilton Hotels & Resort 27,880 Doubletree by Hilton 21,295 Hilton Garden Inn 12,435 Hampton Inn 7,674 Total 74,892 % By
46 Asia Pacific Construction Pipeline InterContinental Hotels Group (IHG) 26% 31% 13% 8% 19% 4% InterContinental 11,105 Crowne Plaza 16,212 Hotel Indigo 3,320 Hualuxe Hotel & Resort 6,938 Holiday Inn 27,127 Holiday Inn Express 22,214 Total 86,916 % By
47 Asia Pacific Construction Pipeline Best Western 1% 5% 28% 44% 22% Best Western Premiere 3,375 Best Western Plus 6,790 Vib 809 Best Western 4,273 Glo 165 Total 15,412 % By
48 Asia Pacific Construction Pipeline Marriott International - Luxury & Upper Upscale 0% 15% 8% 0% 2% 11% 3% 7% Bulgari 329 Edition 1,493 JW Marriott Hotel 9,102 Luxury Collection 2,828 Ritz Carlton 5,528 St Regis 3,097 7% 29% 8% 4% 5% 2% W Hotel 3,850 Autograph Collection 1,451 Le Meridien 6,492 Marriott Hotel 23,884 Renaissance Hotel 5,727 Sheraton Hotel 12,484 Tribute 213 % By Westin Hotel 6,592 Total 83,070
49 Asia Pacific Construction Pipeline Marriott International - Upscale, Upper Midscale, Midscale & Economy 1% 32% 11% 6% 12% 39% aloft 4,553 Courtyard 15,062 element 2,274 Four Points 12,523 Fairfield Inn 4,433 Moxy 110 Total 38,955 % By
50 Asia Pacific Market Conditions China has seen some opening delays on Under Construction projects several markets have seen sharp demand declines Southeast Asia Pipeline growing rapidly Indonesia particularly interesting with several new brands being started Regional operating performance is choppy mostly driven by China declines Cheaper to Buy than build hotels in this region and pipeline growth likely slowing
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