th

33 Arch Street, 28 Floor Boston, MA 02110 Telephone (617) 488-7291 Fax (617) 912-7001

Metropolitan Boston – December 2014 Boston Area Roundup The greater Boston area hotels reported significantly increased operating results for December 2014. The 95 hotel operators in the PKF Trends® in the Hotel Industry sample for the greater Boston area achieved an average 57.0 percent occupancy at a $158.09 average daily rate (ADR) with a resulting $90.18 revenue per available room (RevPAR). These performance levels represented an occupancy increase of 3.3 percent, a 4.8 percent increase in ADR, and an overall 8.3 percent increase in RevPAR for December 2014 as compared to December 2013. For December 2014, Cambridge is the only submarket that experienced an occupancy decrease, of 2.2 percent, specifically. The remaining five submarkets witnessed occupancy increases, with the Route 495 North leading at 10.2 percent. In terms of ADR, all Boston Core submarkets achieved an increase of at least 4.6 percent, with the Cambridge submarket leading all submarkets in ADR growth at 5.9 percent. Overall, the Back Bay submarket achieved the highest occupancy among all submarkets at 61.6 percent, followed closely by the Downtown submarket at 61.4 percent. December has traditionally been a month where there is less group and more transient demand. December 2014 saw a slightly increased number of group roomnights from prior year, helping to increase occupancy. In addition, the Christmas holiday occurring late in the week also resulted in more corporate transient bookings for Boston area hotels, resulting in a moderate rate increase compared to previous months. Compared to previous Decembers over the last nine years, based on our monthly Trends sample in each respective year, December 2014 performance for the greater Boston area hotels is the highest occupancy since in the past nine years and the highest ADR and RevPAR since 2007. For year-to-date December 2014, the 95 hotel operators in the PKF Trends in the Hotel Industry® sample for the greater Boston area achieved an average 77.0 percent occupancy at a $206.34 ADR with a resulting $158.88 RevPAR. These performance levels represented an occupancy increase of 1.5 percent, an 8.6 percent increase in ADR, and an overall 10.2 percent increase in RevPAR for year-to-date December 2014 as compared to year-to-date December 2013. For year-to-date December 2014, under the Location category, the Route 495 North submarket has achieved the most occupancy growth of 6.1 percent, while the Cambridge submarket has led in ADR

gain with a 10.7 percent increase, followed closely by the Downtown submarket with a 9.9 percent increase. Under the Average Daily Rate category, the hotels in the Between $100 and $150 ADR category experienced the largest occupancy gain at 4.2 percent, followed by the Under $100 category with a 3.1 percent gain. The hotels in the Over $200 ADR category achieved the most ADR growth at 9.8 percent, followed closely by the Between $100 and $150 category at 9.6 percent. Under the Size category, the hotels in the Under 150 Rooms category achieved the most occupancy growth at 3.1 percent. The hotels in the Over 400 Rooms category experienced the most ADR gain at 9.7 percent. Overall, most hotels in the greater Boston area finished December 2014 with significantly increased RevPAR results compared to December 2013. In the following is a 2014 market recap of the Boston lodging industry.

2014 Boston Lodging Market Recap According to PKF-HR’s Hotel Horizons® most recent report, among the 55 U.S. markets forecasted by PKF-HR, the Boston lodging market ranked #11 in occupancy, #5 in average daily rate (ADR), and #13 in RevPAR for year-end 2014. Looking at compound average annual growth (CAAG) from 2009 to 2013, the Boston market ranked #28 in occupancy (a lower ranking due to the market’s strong occupancy levels), #9 in ADR growth, and #12 in RevPAR growth. The strengths of Boston as a lodging market are relatively apparent. A small, busy city with an existing hotel supply of just over 50,000 rooms; a balanced base of demand between corporate transient, group and leisure; and a diverse corporate, institutional, and academic infrastructure from which hotel demand is generated. Additionally, supply increase has been limited in Boston over the last few years, which has allowed existing properties to benefit from increases in demand in the form of higher occupancies and increases in ADR. The following table shows the performance of both the lodging and office markets for the overall Boston market. Though the statistics reflect Boston, Cambridge and the suburban areas, the highest occupancies and rates and lowest vacancies are found in the market’s core areas.

Year

Boston Office/R&D and Lodging Market Statistics Office Supply Office Hotel (SF) Vacancy Occupancy Hotel ADR

Hotel RevPAR

2010

73,259,861

10.6%

68.6%

$

141.58

$

97.14

2011

73,387,601

12.0%

71.0%

$

147.90

$

105.07

2012

74,718,775

9.6%

71.6%

$

158.80

$

113.78

2013

77,649,439

8.2%

73.1%

$

164.42

$

120.24

2014

78,049,461

7.3%

75.3%

$

176.95

$

133.24

Source: CBRE; Smith Travel Research; Hotel Horizons

®

Since 2010, the Boston Office market has experienced continual decreases in vacancy, while seeing slight increases in supply. When looking at 2014 compared to 2013, Boston Office supply increased by 400,000 square feet while vacancy decreased by 0.9 percentage points. For 2014, we saw continued increases in hotel performance. Hotel occupancy increased from 73.1 percent in 2013 to 75.3 percent in 2014, while ADR grew by 7.6 percent. Boston Lodging Supply As mentioned, Boston is a relatively small metropolitan lodging market with approximately 50,000 hotel rooms in the greater market, including both the city core and suburban submarkets. Similar to most markets across the country, supply increases have been limited in the Boston market over the

last several years as a result of the recovery from the Great Recession. With the strong increases in performance for the Boston lodging market in the last few years, there is now a resurgence of development interest focused primarily in the core neighborhoods of South Boston’s Seaport District, Fenway, North End, Downtown Crossing/Theater District, and South End/Roxbury. The Seaport District is a hotbed for new developments, including the proposed BCEC expansion, mid-priced and headquarters hotels, office space, and high-end residential units. In 2015, we expect to see an increase in supply, particularly in the select-service segment, boutique, and luxury categories. The following table presents the hotel developments planned for the city of Boston over the next three years, for which projected opening dates could be confirmed. City of Boston Pipeline Property Name

Address

Autograph Collection Envoy Hotel Hilton Garden Inn Boston Logan Airport The Godfrey Hotel Boston Hotel Commonwealth Expansion aloft Hotel @ Convention Center element Hotel @ Convention Center Melnea Hotel Courtyard by Marriott Boston Downtown North End Trinity Stuart Hotel & Residence Haymarket Hotel Unnamed Boutique Hotel Four Seasons Hotel @ Christian Science Plaza Source: PKF Consulting USA

66 Sleeper Street 415 McClellan Highway 59 Temple Place 500 Commonwealth Avenue 371-401 D Street 371-401 D Street Melnea Cass Blvd & Tremont St Causeway Street & Beverly Street 40 Trinity Place North and Hanover Streets 104 Canal St Belvidere and Dalton Streets

Room Count

Projected Opening Date

Project Phase

136 177 242 96 330 180 145 210 227 225 100 211

2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017

Start Start Start Start Start Start Planning Final Planning Planning Planning Planning Start

While Boston is among the nation’s top destinations for meeting and conventions, there are certain challenges that must be addressed to further improve the convention center’s competitive positioning. According to a strategic development plan by Sasaki Associates, there are concerns regarding space at the BCEC and the Seaport District’s lack of a critical mass of hotel rooms, which results in excessive transportation costs for large events. The study also points to the lack of “mid-priced” hotel rooms in the greater Boston market, which recent and proposed supply additions are beginning to address. The expansion goal would move Boston from eighth among the top ten meeting/convention destinations in the nation to a position among the top five. In July 2014, the former Governor Deval Patrick signed legislation that permits the MCCA to move forward with their BCEC expansion plan without increasing existing fees or taxes. The $1 billion plan calls for a 1.3 million-square-foot expansion that incorporates a second ballroom and additional exhibition and meeting space.

Near the BCEC, construction of an Aloft and an Element hotel is underway, with a combined 510 rooms, both scheduled to open in the first quarter of 2016. Additionally, a 1,200- to 1,500-room headquarters hotel is planned to be built cooperatively by the MCCA and Massachusetts Port Authority, across the street from the BCEC. Request for qualifications of the developers were submitted in April 2014, and a developer will be chosen in 2015. According to the MCCA, the BCEC expansion and the hotel developments are expected to generate $716 million annually in economic impact. Major Boston Hotel Sales Hotel sales in Boston have been solid in the last few years. Between March 2010 and December 2014 16 Boston hotels (including two hotels that were sold twice) sold between $179K and $732K per key. With the strong performance of the Boston market, the availability of equity and the loosening debt market for acquisitions of existing properties, and the interest in solid branded assets, we expect to see hotel transactions of various sizes continue to be strong in the next several quarters. The table below presents hotels in the Boston market core that have transacted since March 2010.

Boston Market Segmentation Boston benefits from a relatively balanced market mix between commercial (corporate transient), group, and leisure room night demand, shown in the charts on the following page. When looking at Boston from a hotel investment standpoint, this demand balance helps mitigate risk exposure. Convention Room Nights In 2005, the Boston Convention and Exhibition Center opened in South Boston’s developing Seaport District, effectively creating a two-Center city with the longtime existence of the Hynes Convention Center in Boston’s Back Bay neighborhood. According to the Massachusetts Convention Center Authority (MCCA), using total citywide convention room night demand as a comparison, 2015 is projected lower than 2014, but higher than years 2008 through 2013. After two years of slight forecast decreases, in 2017 total citywides are expected to reach 456,000 roomnights, a 15.4 percent increase from 2016F.

The following table presents the actual citywide convention demand, defined by MCCA as 2,000 room nights or greater on peak, between 2004 and 2014, and projections for 2015 through 2018.

According to the MCCA, the two Boston convention centers in year 2014 generated an economic impact of approximately $590 million in local spending by 845,000 convention attendees utilizing 630,000 hotel room nights, transportation, restaurants, and retail. The greater Boston lodging market is flourishing. For 2014, hotel occupancies finished at the highest levels they have been in several years. Average daily rate has experienced positive growth since 2010 and ADR is anticipated to surpass $200 in 2016 for upper- and lower-priced hotels combined. This positive growth in RevPAR is expected to continue and lead to an increase in supply in the years to come. Andrea Foster is Senior Vice President in the Boston office of PKFC (www.pkfc.com). She can be reached at [email protected], or (617) 488-7290. Jenna Finkelstein, Consultant and Trends Coordinator in the Boston Office, assisted in the preparation of this article. To purchase a copy of PKFC’s quarterly Hotel Horizons® econometric forecast reports, please visit www.pkfc.com/store.

In Hotels, Health Equals Wealth Andrea Foster and Jenna Finkelstein Business is back for hotels across the United States with occupancy levels surpassing long-run averages and hotels raising room rates more aggressively. According to PKF Hospitality Research (PKF-HR)’s forecast, occupancy is estimated to be above the long-run average in 49 of the 55 U.S. markets they track, 14 of which are achieving their highest occupancy levels in the past 25 years. By 2015, the U.S. lodging industry will experience six consecutive years of increasing occupancy, the most since 1988. The hotel industry has finally climbed out of the recovery period following the Great Recession as people are traveling more than ever before, and at higher prices. According to the 2014 edition of PKF’s Trends® in the Hotel Industry, in 2013, total hotel revenue increased 5.4 percent from 2012 (the most current year-end data available). Driving this increase was 5.9 percent growth in rooms revenue, while all other revenue sources averaged 4.4 percent growth. On a per occupied room basis, all other revenue increased by 2.7 percent. Hotels have struggled in recent years to encourage spending from hotel guests on services and amenities other than rooms. After increasing occupancy and rate, hotel managers are now seeing the return of guest spending in other areas of operation, a healthy sign of growth. Spa is one hotel department in particular that is seeing great gains in both revenues and profits. Fueling the growth of hotel spas is a combination of a nationally improved economy, increases in hotel occupancies, and a shift in the perception of spa from an exclusive, luxury experience to a wellness-oriented experience valued by the average consumer to help facilitate a healthier, more vibrant life. As spa and wellness are becoming more prevalent in today’s society, hotels are ensuring they adopt these lasting trends and offer consumers an experience aligned with society’s increasing desire for a healthier lifestyle. At its root, spa is about health and wellbeing, and there are indications that health and wellness trends are here to stay. As such, hotels are incorporating spa and wellness not only in spa department, but into other aspects of the hotel, such as rooms, meetings, and food and beverage. For example, some hotels are offering aromatherapy and sleep-aiding amenities in rooms, trendy juices and spa menus at their restaurants, and outfitting meeting rooms with healthy snacks and beverages and premium air quality control. In addition, hotels are creating new ways for guests to be active and social, such as initiating a bike-share program or leading group hikes/runs. Thus, spa and wellness is growing outside the spa, and in facilitating healthier lifestyles for their guests, hotels are seeing a positive impact of the integration of spa and wellness into their entire operation. PKF Consulting USA (PKFC) and PKF-HR, both CBRE Companies, together are the only consulting firm with a proprietary annual database of approximately 7,000 individual hotel income statements, which includes detailed hotel spa revenue and expense data. Using this database, our Trends® in the Hotel Spa Industry report is the only publication of its kind reporting hotel spa performance and profitability, providing hotel spa operators and owners with sound benchmarking information. The performance overview to follow is excerpted from our extensive 2014 Trends® in the Hotel Spa Industry report. Revenues Increasing Hotel spas benefitted greatly from hotels capturing more demand and society’s trending healthier lifestyles. In 2013, the most current detailed data available, all hotel spas averaged a 4.6 percent increase in revenues, greater than the average increase experienced by all hotel revenue sources other than rooms. Specifically, both urban and resort hotel spas saw revenues increase, by 7.7 and 3.6 percent, respectively. On a per occupied room basis, urban hotel spas saw a greater increase in

total spa department revenue, driven by a combination of an increase in customers, revenue per treatment, and revenue per customer. Revenue per treatment increased 3.2 percent for urban hotels, while resort hotels experienced a decrease of 1.2 percent. Revenue per customer for urban hotels increased 1.3 percent, compared to a 1.3 percent decrease for resort hotels. For urban hotels, we attribute a portion of these increases to effective revenue management and selling techniques. To calculate hotel guest capture rates, the number of occupied hotel rooms is divided by the number of spa treatments from hotel guests. Combined, hotel spas averaged a 7.8 percent capture rate in 2013, comprised of resort spa capture rate of 11.0 percent and urban spa capture rate of 4.6 percent. This reflects a slight increase over 2012 for resort spas, while urban hotel spa capture was flat. Hotels continue to reach out to locals to boost spa revenues. By sourcing local patrons, hotels can decrease the volatility of spa revenues relative to occupancy patterns, and bolster demand in off-peak periods. Daily facility use, fitness and personal training, health and wellness, and membership fees, typically associated with locals and non-hotel guests, grew by 4.5 percent combined. This is slightly greater than the increase in total treatment revenue, which grew 4.2 percent. Retail revenue increased for both urban and resort hotel spas, by 10.4 and 3.3 percent, respectively. We are finally seeing a return to spending on retail and product merchandise in addition to spa treatments, which is a healthy sign for hotel spas. Controlling Expenses Increase in hotel spa revenues is great news for hotel spa operators, and even greater news is the fact that much of these additional revenues passed through to the bottom line. Both urban and resort hotels managed to achieve a greater increase in revenues compared to their change in operating expenses, showing that hotel spas are becoming more efficient in their operations. As it is a “high touch” experience, labor remains as the spa department’s highest expense. As revenues increase at hotel spas, it is no surprise that labor costs increased compared to the prior year, as well. Labor expenses at all hotel spas increased 2.6 percent overall from 2012 to 2013, however the percentage of total labor expenses to total spa department revenue decreased from 60.8 percent in 2012 to 59.6 percent in 2013. As demand increases for hotel spas, higher staffing levels are needed to create the same personal, high-quality experience. One notable change we saw in 2013 was a decrease in payroll related expenses for spas with less than $1M in revenue. It seems reasonable that this would be driven by a shift from full-time employees to part-time, on-call, and/or contract labor for which benefits are not offered. For spas with lower volume, this can be an effective cost-saving strategy. Due to an increase in revenues and the controlling of expenses, hotel spas were able to see high percent increases in total spa departmental income. Combined, all hotel spas averaged a 13.9 percent growth in profits. Leading the way were urban hotel spas, which grew their bottom line by a greater percentage than resort hotels. Despite a lower overall growth in spa departmental profit, resort hotel spas saw higher profit margins than urban hotel spas, at 23.1 percent compared to 17.7 percent. Spa Sharing Consumers are ever-more driven toward unique and active experiences that are “share-worthy”, and spas have a continued opportunity to deliver just this in a way that can generate posts, shares, and create online trending. Technology continues to transform the way the hotel industry conducts business, and thanks to social media, hotels and spas are able to engage with their customers more than ever before. Hotels are realizing the profound influence of technology and social media on guest purchase decisions, behavior, and awareness. A presence on social media is no longer a competitive

advantage, but a competitive necessity; all hotels and spas must engage with their customers online to remain competitive. For hotels to rise above the competition and differentiate themselves, they need to provide consumers with unique and personalized experiences. Not only are hotels regularly engaging with their guests through social media, guests are also in constant communication with other potential customers. Therefore, it is important that hotel spas efficiently provide innovative and meaningful experiences that are Facebook- and Instagram-worthy, which will help increase the awareness of these offerings, organically. A Healthy Present, a Healthy Future 2013 was a healthy year for hotel spas as they were able to increase revenues and control expenses, resulting in an increase of departmental profits, and we estimate similar improvements in 2014 as we gather year-end financial statements. As occupancies continue to reflect record demand levels, hotel spas have more opportunities to generate spa guest patronage, and the healthy living trends allow spa and wellness experiences to appeal to a broader guest base. It is reasonable to expect that spas providing innovative and unique services, that maintain approachability and the essence of wellness, while managing their expenses, will prove to be most successful in the future. For hotel spas to have sustainable success, they will need to maintain a balance between controlling costs, sourcing new customers, and offering high quality, unique experiences in both spa and broader wellness. ***

Andrea Foster is Senior Vice President and National Director of Spa & Wellness Consulting, for PKF Consulting USA, a CBRE Company. She is also the publisher of PKF’s Trends® in the Hotel Spa Industry report. Jenna Finkelstein is a Consultant with the firm. They are both located in the firm’s Boston office. The full 2014 Trends® in the Hotel Spa Industry report can be purchased and immediately downloaded by going to https://store.pkfc.com/trends-in-the-hotel-spa-industry-3.

STATISTICS AND TRENDS OF HOTEL-MOTEL BUSINESS BOSTON MONTHLY TRENDS MONTH OF DECEMBER REPORT OF ROOMS BUSINESS BY LOCATION AVERAGE DAILY ROOM RATE 2014 2013 VAR

OCCUPANCY PERCENT 2014 2013 VAR

2014

REVPAR 2013

VAR

BACK BAY DOWNTOWN CAMBRIDGE Boston Core Average

$179.84 190.01 169.04 $182.68

$172.01 181.37 159.57 $173.88

4.6% 4.8% 5.9% 5.1%

61.6% 61.4% 58.1% 60.8%

60.4% 58.0% 59.4% 59.0%

2.1% 5.9% -2.2% 3.0%

$110.87 116.66 98.19 $111.06

$103.91 105.19 94.77 $102.65

6.7% 10.9% 3.6% 8.2%

ROUTE 128 ROUTE 495 NORTH ROUTE 495 SOUTH Boston Suburbs Average

99.96 100.50 102.56 $100.85

95.16 96.00 99.48 $96.65

5.1% 4.7% 3.1% 4.4%

54.0% 45.1% 47.1% 49.9%

52.3% 41.0% 46.2% 47.9%

3.2% 10.2% 2.1% 4.2%

53.99 45.37 48.32 $50.30

49.80 39.34 45.91 $46.28

8.4% 15.3% 5.2% 8.7%

OVERALL AVERAGE

$158.09

$150.86

4.8%

57.0%

55.2%

3.3%

$90.18

$83.28

8.3%

REPORT OF ROOMS BUSINESS BY AVERAGE DAILY RATE AVERAGE DAILY ROOM RATE 2013 VAR 2014

OCCUPANCY PERCENT 2014 2013 VAR

2014

REVPAR 2013

VAR

OVER $200.00 $150.00 TO $200.00 $100.00 TO $150.00 UNDER $100.00

$244.45 168.33 127.02 80.19

$231.36 158.83 120.50 79.50

5.7% 6.0% 5.4% 0.9%

60.8% 58.5% 59.2% 47.0%

60.0% 58.3% 53.8% 45.8%

1.4% 0.2% 9.9% 2.5%

$148.72 98.41 75.19 37.68

$138.85 92.65 64.88 36.44

7.1% 6.2% 15.9% 3.4%

OVERALL AVERAGE

$158.09

$150.86

4.8%

57.0%

55.2%

3.3%

$90.18

$83.28

8.3%

REPORT OF ROOMS BUSINESS BY SIZE OF PROPERTY AVERAGE DAILY ROOM RATE 2014 2013 VAR

OCCUPANCY PERCENT 2014 2013 VAR

2014

REVPAR 2013

VAR

UNDER 150 ROOMS 150 TO 400 ROOMS OVER 400 ROOMS

$111.74 161.18 174.06

$108.87 154.20 164.20

2.6% 4.5% 6.0%

53.5% 57.3% 58.4%

51.0% 55.0% 57.4%

5.0% 4.1% 1.8%

$59.78 92.31 101.65

$55.48 84.87 94.20

7.7% 8.8% 7.9%

OVERALL AVERAGE

$158.09

$150.86

4.8%

57.0%

55.2%

3.3%

$90.18

$83.28

8.3%

Survey includes 95 properties in the Boston area with 21,167 available rooms. 12 properties in Back Bay with 4,315 available rooms, 19 properties in Downtown with 6,178 available rooms, 10 properties in Cambridge with 2,859 available rooms, 25 properties in Route 128 with 3,366 available rooms, 10 properties in Route 495 North with 1,581 available rooms, and 19 properties in Route 495 South with 2,328 available rooms. SOURCE: PKF CONSULTING

STATISTICS AND TRENDS OF HOTEL-MOTEL BUSINESS BOSTON MONTHLY TRENDS TWELVE MONTHS ENDED DECEMBER REPORT OF ROOMS BUSINESS BY LOCATION AVERAGE DAILY ROOM RATE 2014 2013 VAR

OCCUPANCY PERCENT 2014 2013 VAR

2014

REVPAR 2013

VAR

BACK BAY DOWNTOWN CAMBRIDGE Boston Core Average

$244.29 249.97 237.03 $245.58

$225.54 227.49 214.07 $224.12

8.3% 9.9% 10.7% 9.6%

79.4% 81.8% 80.5% 80.8%

80.3% 80.5% 80.4% 80.4%

-1.1% 1.7% 0.1% 0.5%

$194.06 204.56 190.76 $198.46

$181.09 183.12 172.15 $180.23

7.2% 11.7% 10.8% 10.1%

ROUTE 128 ROUTE 495 NORTH ROUTE 495 SOUTH Boston Suburbs Average

128.10 105.87 113.06 $119.11

118.53 102.25 106.79 $111.74

8.1% 3.5% 5.9% 6.6%

75.3% 65.8% 64.2% 69.7%

72.5% 62.0% 63.1% 67.2%

3.9% 6.1% 1.8% 3.7%

96.48 69.63 72.57 $83.00

85.90 63.39 67.33 $75.08

12.3% 9.8% 7.8% 10.6%

OVERALL AVERAGE

$206.34

$190.06

8.6%

77.0%

75.9%

1.5%

$158.88

$144.23

10.2%

REPORT OF ROOMS BUSINESS BY AVERAGE DAILY RATE AVERAGE DAILY ROOM RATE 2014 2013 VAR

OCCUPANCY PERCENT VAR 2014 2013

2014

REVPAR 2013

VAR

OVER $200.00 $150.00 TO $200.00 $100.00 TO $150.00 UNDER $100.00

$303.70 227.15 172.76 96.40

$276.60 208.53 157.63 91.65

9.8% 8.9% 9.6% 5.2%

80.0% 80.3% 76.9% 66.9%

79.9% 80.6% 73.8% 64.9%

0.2% -0.4% 4.2% 3.1%

$243.05 182.51 132.89 64.54

$220.95 168.17 116.35 59.49

10.0% 8.5% 14.2% 8.5%

OVERALL AVERAGE

$206.34

$190.06

8.6%

77.0%

75.9%

1.5%

$158.88

$144.23

10.2%

REPORT OF ROOMS BUSINESS BY SIZE OF PROPERTY AVERAGE DAILY ROOM RATE 2014 2013 VAR

OCCUPANCY PERCENT 2014 2013 VAR

2014

REVPAR 2013

VAR

UNDER 150 ROOMS 150 TO 400 ROOMS OVER 400 ROOMS

$138.50 206.02 234.49

$131.70 189.56 213.77

5.2% 8.7% 9.7%

71.7% 76.3% 80.3%

69.5% 74.3% 80.7%

3.1% 2.6% -0.5%

$99.28 157.13 188.37

$91.54 140.93 172.57

8.5% 11.5% 9.2%

OVERALL AVERAGE

$206.34

$190.06

8.6%

77.0%

75.9%

1.5%

$158.88

$144.23

10.2%

Survey includes 95 properties in the Boston area with 21,167 available rooms. 12 properties in Back Bay with 4,315 available rooms, 19 properties in Downtown with 6,178 available rooms, 10 properties in Cambridge with 2,859 available rooms, 25 properties in Route 128 with 3,366 available rooms, 10 properties in Route 495 North with 1,581 available rooms, and 19 properties in Route 495 South with 2,328 available rooms. SOURCE: PKF CONSULTING

Boston Area Market Mix

Boston Area Market Mix

is compiled and produced by PKF Consulting. Readers are advised that PKF Consulting does not represent the data contained herein to be definitive. Neither should the contents of this publication be construed as a recommendation of policies or actions. Quotation and reproduction of this material are permitted with credit to PKF Consulting.