Hotels across the U.S. reached a milestone in 2015: annualized occupancies exceeded 65 percent and the average daily rate was $120.
It ceases to amaze me that just a few short years ago the hotel industry across the U.S. was, for the most part, on life support.
Perhaps most owners of commercial real estate felt this way. Consumers were all but nonexistent, group and corporate travel had been paired to nothing, resorts were virtually giving rooms away, loan delinquencies were at historic highs and owners of hundred-million-dollar hotels were mailing their keys back to their lenders.
The Blue Vault Summit could not have been more perfectly timed. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. These conversations are paramount, especially in a time of significant regulatory change.