PORTSMOUTH, NH—Hotel metrics ended 2015 at either cyclical or all-time highs, according to data from Lodging Econometrics. The new high watermark in the sector was for pricing per room, while sales volume and construction volume for the year came in below prior peaks.
The year just ended tallied 1,117 hotel sales with pricing reported publicly, with an average selling price per room of $162,781, according to Portsmouth, NH-based LE. That's nearly triple the $57,434 ASPR recorded for the 427 deals that were completed in 2009, the current cycle's low point.
Six deals of more than $1 million per key were largely responsible for driving up the overall ASPR in '15. They included the Baccarat at $2 million per key, the Waldorf Astoria at $1.4 million and the Doubletree Guest Suites at $1.2 million, all in New York City; and three California properties: the Malibu Beach Inn at $1.7 million per key, and the Montage at Laguna Beach and the Bardessono Inn & Spa in Yountville, both at $1.4 million.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
