If you listen to economists, you might expect the hotel development cycle to start slowing down in light of high interest rates making it unfeasible to build new projects.
06.10.2023 - 06:23 / skift.com / Sean Oneill / Barry Sternlicht
JLL Hotels & Hospitality released a report – “An investor’s guide to lifestyle hotels” — highlighting how this sector is enjoying a buzzy moment.
What’s a “lifestyle” hotel? It’s a property run by a major chain that evokes a boutique feel. It may have eye-catching decor, such as local artwork. It almost always includes better-than-average food-and-beverage service — often with a cocktail bar or coffee bar.
JLL’s predictions about the segment are worth noting: The investment advisory firm has helped trade $83 billion in hotel assets worldwide in the past five years.
Today, lifestyle hotels account for 32.4% of open U.S. branded hotels, an increase of 26.3 percentage points of share since 2000, according to JLL’s report. The firm forecasts that the market share of branded lifestyle hotels will speed up thanks to growing demand.
More than 10,000 lifestyle hotel rooms have opened in the U.S. since 2000. That’s a lot of growth since W Hotels opened in 1998 and arguably became the first major “lifestyle” brand. (W Hotels were the creation of impresario Barry Sternlicht and Starwood Hotels and Resorts.)
The trend is spreading across the globe. By 2025, lifestyle hotels are expected to make up 23% of the hotel development pipeline worldwide, according to STR.
Over the past decade, lifestyle hotel average daily rates achieved a $33.60 premium over non-lifestyle hotel average daily rates, STR reported.
In the past five years, the compound annual growth rate of revenue per available room at lifestyle hotels has exceeded that of all other branded hotels by 50 basis points.
For more details, read JLL’s “An investor’s guide to lifestyle hotels.”
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