Jackie Lee will be responsible for helping grow the portfolio of large full-service hotels.SEATTLE—With dozens of new hotels opened in the past few years, several urban markets are reporting a decline in occupancy rates, according to a second-quarter report by Kidder Mathews. For example, in Bellingham, which experienced a near doubling of the room supply during a five-year interval, the market occupancy rate decreased from 76% in 2012 to a 2018 estimate of 64%.
In downtown Bellevue, where six hotels have opened in the past four years, occupancy declined from 76% in 2013 to an estimated 70% in 2018. Ongoing development in South Lake Union is expected to have a similar impact, the report indicates.
Amid added supply, The Dow Hotel Company, a national hotel owner/investor and operator, plans to further expand its portfolio of full-service hotels in US markets with barriers to new entry and numerous demand generators. Those markets are to include Seattle, Portland, the San Francisco Bay Area and Southern California.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
