Integra Realty Resources (IRR), one of North America’s largest independent commercial real estate valuation and consulting firms, has released its Mid-Year U.S. Hospitality Report, which predicts that the U.S. Hospitality Market may not recover until late 2021 or early 2022.
Julie Fugitt-Schultz, CCIM, director of Hospitality Valuation for Integra Realty Resources and national practice leader of Integra Hotels, states, “It’s no secret the U.S. Hotel Market has taken a significant hit, however a positive recent development is consumer sentiment rebounded in June with recent travel sentiment data mirroring this uptick. Consumer spending and leisure room night demand increased thanks to pent-up consumer demand combined with lower gas prices and safety perceptions of ‘drive-to’ destinations. Overall, we expect leisure demand to be the first to exhibit post-recession recovery, followed by a slower return of corporate transient and corporate group demand.”
Integra Hotels is IRR’s hospitality specialty practice group, offering valuation services for lending, market/feasibility studies, insurance appraisals, and litigation support. Over the past 36 months, IRR has completed 2,500 hospitality assignments nationwide, totaling more than $25 billion in asset value, ranging from small, independently owned bed and breakfasts, to major luxury hotel brand portfolios.
