Patrick Ford, Chairman of Lodging Econometrics (LE), the global leader for hotel real estate intelligence, and New England Hotel Realty (NEHR), the leading full-service hotel real estate advisory brokerage firm in the Northeast, announced today that Timothy Ford has been appointed President of both companies.
New England Hotel Realty (NEHR), powered by the global market intelligence of Lodging Econometrics (LE), recently reported that the United States Hotel Construction Pipeline totaled 5,255 Projects/636,274 Rooms, rising 4% Year-Over-Year (YOY).
PORTSMOUTH, NH – New England Hotel Realty (NEHR), the leading hotel real estate advisory and brokerage firm in the Northeast, is pleased to announce the recent sale of the Fairbanks Inn in St. Johnsbury, VT.
Buyer and seller are both experienced hotel owners, owning several hotels throughout New England. The Fairbanks Inn sold in September for an undisclosed amount. Shane Vahey, NEHR’s Director of Real Estate Business Development, represented the seller in the transaction.
2016 Year-End Issue
NEHR is the only hotel brokerage firm with access to industry-leading lodging real estate intelligence through an exclusive partnership with Lodging Econometrics (LE).
In this issue, you will get the first look at how the hotel industry in New England performed in 2016.
According to a recent Construction Pipeline Trend Report from Lodging Econometrics (LE), the markets with the largest number of New Hotel Openings in 2016 by project count are: Houston with 35 projects/4,186 Rooms, New York with 29 Projects/4,796 Rooms, Dallas with 24 Projects/2,957 Rooms, Miami with 18 Projects/2,217 Rooms and Austin with 17 Projects/1,943 Rooms.
In 2016, 841 Hotels/95,346 Rooms opened nationwide. 275 of these hotels and 38,731 of the rooms are in the top 25 markets, representing 33% of all hotels and 41% of the rooms.
According to analysts at Lodging Econometrics (LE), through September there were 671 hotel transactions where selling prices were reported into the public domain. The total sales for these hotels was a reported $11.23 billion, with an Average Selling Price Per Room (ASPR) of $136,934.
Privately Held Hotel Companies were the biggest dollar volume sellers with 125 Hotels at a value of $3.18 billion, representing 28% of all hotel sales for the period.