The property was purchased by a group of hotel investors from the San Francisco Bay Area for $11,825,000 which equates to $122,000 per key and a 10% Cap Rate on Proforma. The group also owns and operates multiple hotel investments in the California Lodging Market.
According to research conducted by TripAdvisor, 96% of travelers consider reviews important when researching a hotel and 79% will read between six and 12 reviews before making a purchasing decision. How can you ensure your hotel remains competitive in the ever expanding landscape of hotel review sites?
In June, U.S. hotel occupancy fell 1.3% to 73.5%, and despite a 0.9% ADR increase to $134.52, RevPAR dipped 0.4% to $98.85.
In preparation for next year, weve found some top trends that can help your business and brand provide what your guests are looking for. Are you keeping up with these simple yet important trends?