IN THE HOTEL INDUSTRY USA EDITION 2018 SAMPLE $395

Transcription

1 IN THE HOTEL INDUSTRY USA EDITION 2018 $395

2 Credits... Inside front cover FULL-Service Hotels About the Cover... 1 Publisher s Message... 4 Natural Occupancy: What Is It and What Does It Mean for ADR?... 8 Glossary of Terms A Note to Readers Supply Growth To Peak in 2018, Impacting Changes In Local Market Occupancy and ADR Geographic Regions Map All Hotels Consumer Price Index vs. Average Daily Room Rate Figure No. 1 How Hotels Performed 2017 vs Figure No. 2 Statistical Highlights Figure No. 3 Source and Disposition of the Industry Dollar Figure No. 4 Dollars Per Available and Occupied Room Figure No. 5 Percent of Revenue Figure No. 6 Departmental Expenses Figure No. 7 Labor Costs Figure No. 8 Management Fees Franchise Fees Figure No. 9 Selected Revenue and Expense Items 20 Year Trend TABLE OF CONTENTS Performance in Figure No. 10 Dollars Per Available and Occupied Room Figure No. 10A By Rate Groups... 34A Figure No. 10B By Geographic Regions... 34C Figure No. 10C By Property Size Classifications... 34F Figure No. 11 Departmental Expenses Figure No. 12 Labor Costs Limited-Service Hotels Performance in Figure No. 13 Dollars Per Available and Occupied Room Figure No. 13A By Rate Groups... 38A Figure No. 13B By Geographic Regions... 38C Figure No. 13C By Property Size Classifications... 38F Figure No. 14 Departmental Expenses Figure No. 15 Labor Costs I TRENDS USA 2018 CBRE Hotels Americas Research

3 Suite Hotels with Food and Beverage Performance in Convention Hotels Performance in Figure No. 16 Figure No. 22 Dollars Per Available and Occupied Room...42 Figure No. 16A By Rate Groups... 42A Figure No. 16B By Geographic Regions... 42C Figure No. 16C By Property Size Classifications... 42F Figure No. 17 Departmental Expenses Figure No. 18 Labor Costs Suite Hotels without Food and Beverage Performance in Figure No. 19 Dollars Per Available and Occupied Room Figure No. 19A By Rate Groups... 46A Figure No. 19B By Geographic Regions... 46C Figure No. 19C By Property Size Classifications... 46F Figure No. 20 Departmental Expenses Figure No. 21 Dollars Per Available and Occupied Room Figure No. 22A By Rate Groups... 50A Figure No. 22B By Geographic Regions... 50C Figure No. 22C By Property Size Classifications... 50F Figure No. 23 Departmental Expenses Figure No. 24 Labor Costs Resort Hotels Performance in Figure No. 25 Dollars Per Available and Occupied Room Figure No. 25A By Rate Groups... 54A Figure No. 25B By Geographic Regions... 54C Figure No. 25C By Property Size Classifications... 54F Figure No. 26 Dollars Per Guest Day Figure No. 27 Departmental Expenses Figure No. 28 Labor Costs CBRE Hotels Contact Information...59 TRENDS 2018 Highlights...63 Labor Costs CBRE Hotels Americas Research TRENDS USA 2018 I 3

4 FULL-SERVICE HOTELS Summary Operating Statement Dollars Per Available and Occupied Room Figure Number Dollars Per Change From 2017 Percent Available Room Prior Year of Revenue Revenue Rooms $ 51, % Food and Beverage 17, Other Operated Departments 2, Rentals and Other Income 1,017 (3.6) 1.4 Total Operating Revenue $ 72, % % Departmental Expenses* Rooms $ 13, % 25.5 % Food and Beverage 12,989 (0.1) 72.8 Other Operated Departments 1, Total Departmental Expenses $ 27, % 37.7 % Total Departmental Profit $ 45, % 62.3 % Undistributed Operating Expenses Administrative and General $ 5, % 7.9 % Information and Telecommunications Systems 1, Sales and Marketing 6, Property Operations and Maintenance 2, Utilities 2, Total Undistributed Expenses $ 18, % 25.1 % Gross Operating Profit $ 26, % 37.2 % Management Fees $ 2, % Income Before Non-Operating Income and Expenses $ 24, % 33.6 % Non-Operating Income and Expenses Income $ 32 N/C Rent 1,594 (2.0)% 2.2 % Property and Other Taxes 2, Insurance 530 (3.3) 0.7 Other Total Non-Operating Income and Expenses $ 5, % 7.6 % EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) $ 18, % 25.9 % Percentage of Occupancy 76.0 % 0.3 % Average Daily Rate $ % comparable. N/C Data not RevPAR Average Size (Rooms) $ * Expressed as a percent of departmental revenue Dollars Per Occupied Room $ $ $ $ $ $ $ $ $ 9.42 $ $ $ $ I TRENDS USA 2018 CBRE Hotels Americas Research

5 SUITE HOTELS WITH FOOD AND BEVERAGE Labor Costs Figure Number Dollars Per Change From 2017 Percent Available Room Prior Year of Revenue Rooms Department* $ 4, % 10.3 % 1, $ 6, % 13.6 % Food and Beverage Department* $ 2, % 27.2 % $ 3, % 34.9 % Other Operated Departments* $ % 6.5 % 35 (10.5) 2.3 $ % 8.8 % Administrative and General Department** $ 1, % 2.6 % 459 (1.3) 0.8 $ 1, % Information and Telecommunications Systems Department** $ % 0.1 % 10 (3.8) $ % 0.1 % Marketing Department** $ 1, % 2.4 % $ 1, % 3.1 % Maintenance Department** $ % 1.5 % $ 1, % 2.0 % All Departments** $ 11, % 19.7 % 3, $ 14, % 25.6 % * Expressed as a percent of department revenue. revenue. ** Expressed as a percent of total 2017 Dollars Per Occupied Room $ $ $ $ $ $ 0.47 $ $ 6.99 $ $ 0.16 $ $ 6.43 $ $ 4.00 $ $ CBRE Hotels Americas Research TRENDS USA 2018 I 44

6 CONVENTION HOTELS Performance in 2017 Group 51.9% CONVENTION HOTELS Market Mix Contract 5.1% Transient 42.9% RANKING Rank Among Six Property Type Categories Change From 2016 to 2017 Change in Occupancy* Change in ADR* Change in Total Operating Revenue* Change in Expenses** Change in GOP* 2 3 NOTE: *1 = greatest increase, 6 = least increase **1 = least increase, 6 = greatest increase Total convention hotel operating revenues increased 1.7 percent in 2017, driven by a 0.4 percent gain in occupancy and a 1.3 percent increase in ADR. With operating expenses growing at 1.6 percent, convention hotel GOP increased 1.9 percent. Measured on a percentage change basis, expenses within the undistributed departments increased greater than operated department expenses from 2016 to Labor costs at convention hotels increased 1.0 percent in The combined costs of salaries, wages, bonuses, and benefits represented 53.0 percent of operating expenses for the year. Convention properties with an ADR greater than $200 achieved the greatest gains in GOP in 2017, while those with an ADR less than $140 suffered a decline in GOP. Convention hotels in the North Central states suffered a decline in GOP during Concurrently, convention properties in all other regions of the nation enjoyed GOP growth. CBRE Hotels Americas Research TRENDS USA 2018 I 49

7 CONVENTION HOTELS Departmental Expenses Figure Number 23 Rooms Department* Food and Beverage Department* *** Other Operated Departments* *** Administrative and General Department** Information and Telecommunications Systems Department** *** Total Departmental Expenses Marketing Department** Maintenance Department** Utilities Department** Total Operating Expenses** *** **** 2017 Dollars Per Available Room $ 9,302 5,790 $ 15,092 $ 12,340 8,028 $ 20,368 $ $ 1,814 $ 3,023 3,032 $ 6,055 $ 612 1,047 $ 1,659 $ 2,058 4,041 $ 6,099 $ 2,113 1,539 $ 3,651 $ 2,480 $ 30,336 26,881 $ 57,218 Change From Prior Year 2.1 % % (0.4)% % 3.1 % % 3.4 % % 1.6 % % (0.6)% % 1.4 % % 0.7 % 1.0 % % 2017 Percent of Revenue 17.3 % % 39.6 % % 23.5 % % 3.3 % % 0.7 % % % 2.3 % % 2.7 % 33.5 % % 2017 Dollars Per Occupied Room $ $ $ $ $ $ 6.62 $ $ $ $ 6.06 $ $ $ $ $ 9.06 $ $ * Expressed as a percent of department revenue. ** Expressed as a percent of total revenue. *** Includes cost of sales. **** Before management fees and non-operating income and expenses. 51 I TRENDS USA 2018 CBRE Hotel s Americas Research

8 RESORT HOTELS Summary Operating Statement Dollars Per Guest Day Figure Number Amount Prior Year Amount Per Guest Day Per Guest Day Revenues Rooms $ $ Food and Beverage Other Operated Departments Miscellaneous Income Total Operating Revenue $ $ Departmental Expenses Rooms $ $ Food and Beverage Other Operated Departments Total Departmental Expenses $ $ Total Departmental Profit $ $ Undistributed Operating Expenses Administrative and General $ $ Information and Telecommunications Systems Sales and Marketing Property Operations and Maintenance Utilities Total Undistributed Expenses $ $ Gross Operating Profit $ $ Management Fees $ 8.89 $ 8.59 Income Before Non-Operating Income and Expenses $ $ Non-Operating Income and Expenses Income $ 0.03 $ 0.21 Rent Property and Other Taxes Insurance Other Total Non-Operating Income and Expenses $ $ EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) $ $ Percent of Occupancy 73.9 % 73.1 % Average Daily Rate $ $ comparable. N/C Data not RevPAR Average Size (Rooms) $ $ Change from Prior Year Guest Day 1.9 % % 1.9 % % 3.5 % 0.9 % % 4.8 % 3.6 % 4.9 % N/C (0.2)% 2.0 (4.2) % 4.4 % 1.0 % 1.7 % 2.7 % 0.3 % CBRE Hotels Americas Research TRENDS USA 2018 I 55