US Industry Ends ’14 With a Bang

2014 was a record-breaking year for the United States hotel industry, setting the scene for continued growth in the years to come. Here are five things you need to know about the year-end data from STR, parent company of Hotel News Now.

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Strong Hospitality Climate Boosts Minneapolis Convention Center to Record Year

The ” Best. Summer. Ever.” turned into the ” Best. Year. Ever.” for the Minneapolis Convention Center.

The convention center generated $16.6 million in 2014 revenue, an all-time high according to year-end statistics tracked by Meet Minneapolis, the city’s official convention and visitors association.

July’s MLB All-Star Game at Target Field and the USA Volleyball Girls’ Junior National Championships were just two of the big events that brought people downtown and helped fill hotel rooms and the convention center.

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Hotel Room Rates May Be Hiked ‘Aggressively’

Hotel owners across the U.S. are expected to be told later Monday they should be able to “aggressively” raise room prices this year, with one consultancy already forecasting the national average room rate to rise 5.4 percent.

One of the lodging industry’s most prominent forecasters is expected to share room price details at the Americas Lodging Investment Summit conference in Los Angeles. The market can absorb “significant” hikes because strong fundamentals already have been pushing occupancy rates to fresh records in 2015.

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A small gallery

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Hotel Recovery Will Keep Going

As we enter 2015, US lodging fundamentals are the most robust I can recall during my 35 year career. Rarely has there been a time when the market was generally favorable to buy, sell, and develop hotels in the US.

Several new transaction records occurred this past year. The LW Hospitality Advisors 2014 Major US Hotel Sales Survey includes 153 single asset sale transactions over $10 million, none of which are part of a portfolio. These transactions totaled roughly $16 billion, and included approximately 45,000 hotel rooms with an average sale price per room of just over $350,000. While US hotel transaction activity has remained steady, per room pricing has increased dramatically.

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Kinseth Hospitality lays out plans for new $33M downtown Iowa City hotel

A $33-million, 12-story Hilton Garden Inn Hotel is in the works for downtown Iowa City. North Liberty-based Kinseth Hospitality submitted plans to the city to build a 144-room hotel, which would target business and leisure travelers, on an empty lot at 328 S. Clinton St. The facility would feature a meeting and event center, as well as a rooftop food and beverage venue, in Iowa City’s emerging Riverfront Crossings district.

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