DOCSLIB.ORG

City of Glendora Hotel Market Study

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
City of Glendora Hotel Market Study Development Driven by Data City of Glendora Hotel Market Study ECONSolutions by HdL 120 S. State College Blvd., Ste 200 Brea, CA 92821 www.hdlcompanies.com www.ECONSolutionsbyHdL.com October 2019 City of Glendora – Hotel Market Study 1 Table of Contents Introduction .................................................................................................................................................. 2 Scope of Work ............................................................................................................................................... 2 Market Area Analysis .................................................................................................................................... 3 Overview ................................................................................................................................................... 4 San Gabriel Valley Key Industries .............................................................................................................. 8 Demand Generators ...................................................................................................................................... 9 Summary of Trade Area Hotel Sample .................................................................................................... 13 Site Evaluation ............................................................................................................................................ 13 Locations ................................................................................................................................................. 13 Facility Recommendations .......................................................................................................................... 14 Hotel Valuation ........................................................................................................................................... 16 Transient Occupancy Revenue .................................................................................................................... 16 Concluding Remarks .................................................................................................................................... 17 Recommendations ...................................................................................................................................... 18 Assumptions & Limiting Conditions ............................................................................................................ 19 www.ECONSolutionsbyHdL.com • 714.879.5000 October 2019 City of Glendora – Hotel Market Study 2 Introduction HdL ECONSolutions was engaged by the City of Glendora, California to evaluate the hotel market and make recommendations for potential hotel development on two locations that the City is actively marketing to the hotel industry. In addition to assessing the demand and need for a hotel, the occupancy and average daily rates are projected for possible new hotels. Scope of Work The data used in this report has been confirmed to the extent possible, unless otherwise expressly noted. The general information used in this analysis was obtained from a variety of sources including via local government sources, secondary data contained in HdL’s sales & property tax databases, information from Smith Travel Research (STR) as well as CBRE Hotels and interviews with local and regional real estate professionals. Specific information regarding the proposed sites profiled in this report was obtained from the City of Glendora. Market data was secured through information obtained from STR, CoStar as well as interviews/research on the competitive market hotels. During the preparation of this market study, the following scope of work was undertaken by HdL ECONSolutions: • Discussed the proposed sites with the client (the City) in order to clearly understand the development plans and timing for the study area and inquiry for any hotel related developments. • Conducted an evaluation of the potential sites and the surrounding developments in order to assess the suitability of any site for any proposed hotel development, as well as to assess the competitive advantages and disadvantages. • Analyze relevant economic trends, general market conditions, and the state of the specific market factors having a direct impact on hotel demand within the Glendora competitive marketplace, including trends related to the area employment, demographics, and the various attractions and amenities of the Glendora area. The scope of work evaluates the demand for new hotels in light of demand generators including existing hotel competition, performance of existing hotel marketplace and growth of the marketplace in population and business development, including expansion of medical and healthcare facilities. www.ECONSolutionsbyHdL.com • 714.879.5000 October 2019 City of Glendora – Hotel Market Study 3 Market Area Analysis The relative success of a hotel is influenced by the interaction of various basic forces including government, social trends and economic conditions. The purpose of this section is to identify factual data regarding these forces within the market area and to analyze their impacts on real property performance levels – in particular, that of the proposed/potential hotel property. Primary sources of data include SiteSeer Technologies, the U.S. Bureau of Census, U.S. Bureau of Labor, CoStar, STR and CBRE Hotels. Strong economic development efforts and proper planning has help position Glendora as a prosperous market area for hotel development during the wave of economic expansion being witnessed in the region, along with much of Southern California. As the region continues to see success with a healthy retail marketplace, quality development areas have become scarce, necessitating developers to seek opportunities for redevelopment projects, including the development of new hotels. Glendora and the proposed hotel sites are approximately 50 miles northeast of Los Angeles International Airport, 30 miles from downtown Los Angeles, 20 miles from Pasadena, 8 miles east of City of Hope Medical Center, 10 miles east of Azusa Pacific University, Citrus College, 10 miles west of the Claremont Colleges and 24 miles west of Ontario International Airport. Visitors to the area could easily access the sites via a world-class regional freeway system including the 210 and 57 freeways both prominent routes running north/south and east/west through Southern California connecting the sites in Los Angeles County to Orange County as well as the Inland Empire and the greater San Gabriel Valley. The analysis that follows will profile two separate sites in the City of Glendora including a site in the Mayflower Center located at 940 S. Grand Ave and a site located at 1308/1332 S. Lone Hill Ave. The sections following will provide addition details of the basic market analysis within the 15-minute drive time trade area of each hotel sites as well as the City of Glendora in its entirety. www.ECONSolutionsbyHdL.com • 714.879.5000 October 2019 City of Glendora – Hotel Market Study 4 Overview The City of Glendora and the potential hotel sites are located in Los Angeles County. The sites are a part of the L.A. East (San Gabriel Valley) submarket and bordered by the San Gabriel Mountains to the north, Los Angeles and Orange County to the South, San Bernardino County to the east and 605 freeway to the west. Known as the “Pride of the Foothills”, Glendora is nestled in the foothills of the San Gabriel Mountains. Its downtown area, which has been consistently voted as one of the best downtowns in the San Gabriel Valley, is home to numerous restaurants, cafes, shops and hosts many community events throughout the year. Glendora has a diverse business community from small business owners to corporate offices of major U.S./International firms all contributing to the success of the City and San Gabriel Valley region. Demographics, Economic, And Employment The following table illustrates the recent population and household figures for a 15-minute drive-time from both proposed hotel sites, as well as the City of Glendora. City of Glendora 15-minute Drive-Time 15-minute Drive-Time Trade Area – Site 1 - Trade Area – Site 2 – Mayflower Lone Hill Population 53,644 443,219 441,761 5-Year Pop Projection 56,402 464,276 462,855 Households 18,179 137,141 136,497 5-Year HH Projection 19,141 143,829 143,215 Average HH Income $109,619 $93,043 $92,829 Median Age 41.2 39.3 39.1 Source: SiteSeer Technologies - PopStats The following highlights some of the data presented in the above table. • The City of Glendora makes up approximately 12.1% of the population of the 15-minute drive- time trade area for both hotel sites which are projected to grow by 4.8% over the next five years. • Household growth in the City of Glendora is projected to increase by approximately 5.3% and by 4.9% within hotel site trade areas over the next five years. • All the general trends (including employment and income) are expected to be positive for all the geographic areas studied. www.ECONSolutionsbyHdL.com • 714.879.5000 October 2019 City of Glendora – Hotel Market Study 5 Employment and Economic Base The following table illustrates the employment profile for a 15-minute drive-time from both proposed hotel sites and the City of Glendora. City of Glendora 15-minute Drive-Time 15-minute Drive-Time Trade Area – Site 1 Trade Area – Site 2 Daytime Population 59,031 564,804 566,037 Avg Employee Salary $56,958 $57,302 $57,914
Load more

Recommended publications
  • National Register of Historic Places 2013 Pending Lists
    National Register of Historic Places 2013 Pending Lists January 5, 2013. ............................................................................................................................................ 3 January 12, 2013. .......................................................................................................................................... 7 January 26, 2013. ........................................................................................................................................ 15 February 2, 2013. ........................................................................................................................................ 19 February 9, 2013. ........................................................................................................................................ 26 February 16, 2013. ...................................................................................................................................... 33 February 23, 2013. ...................................................................................................................................... 37 March 2, 2013. ............................................................................................................................................ 42 March 9, 2013. ............................................................................................................................................ 48 March 16, 2013. .........................................................................................................................................
    [Show full text]
  • National Register of Historic Places Registration Form
    NPS Form 10-900 OMB No. 1024-0018 (Expires 5/31/2012) United States Department of the Interior National Park Service National Register of Historic Places Registration Form This form is for use in nominating or requesting determinations for individual properties and districts. See instructions in National Register Bulletin, How to Complete the National Register of Historic Places Registration Form. If any item does not apply to the property being documented, enter "N/A" for "not applicable." For functions, architectural classification, materials, and areas of significance, enter only categories and subcategories from the instructions. Place additional certification comments, entries, and narrative items on continuation sheets if needed (NPS Form 10-900a). 1. Name of Property historic name Rubel Castle Historic District other names/site number Rubelia, Rubel Pharms 2. Location street & number 844 North Live Oak Avenue not for publication city or town Glendora vicinity state California code CA county Los Angeles code 037 zip code 91741 3. State/Federal Agency Certification As the designated authority under the National Historic Preservation Act, as amended, I hereby certify that this nomination _ request for determination of eligibility meets the documentation standards for registering properties in the National Register of Historic Places and meets the procedural and professional requirements set forth in 36 CFR Part 60. In my opinion, the property _ meets _ does not meet the National Register Criteria. I recommend that this property be considered significant at the following level(s) of significance: national statewide local Signature of certifying official/Title Date State or Federal agency/bureau or Tribal Government In my opinion, the property meets does not meet the National Register criteria.
    [Show full text]
  • January–February 2020 Newsletter & Archive
    TPreseHErvi ng O uGr HerLENDORAitage Si nce 1947 HISTORICALwww.gl eSndorOCIEahist oricalsociTetyY. org January–February 2020 Newsletter & Archive T HE G IAN T M A G ELLAN T ELESCOPE by David Thomas ORG . TO M G . WWW : ASON M ODD T BY ON I LLUSTRAT I When Monday, January 27th Where Glendora Public Library, Bidwell Forum, 140 S. Glendora Avenue Time 6:30-8:30pm (Program will begin at 7pm) Nominations time! Cost FREE and open to the public - Refreshments will be served. See page 2 HEN WE USE telescopes to look at objects in the heavens that are very far away, we are Wlooking back in time, for we are seeing them as they were in the past, not as they are today. Our talk will explain this and provide a short discussion of telescopes and how they work. We will also tell how the use of telescopes in astronomy began, and explain why we would want to build really large telescopes for astronomy research. The Giant Magellan Telescope (GMT) is one of next generation of Extremely Large ground-based Telescopes (ELT’s) currently under development to advance our scientific understanding of our Universe. Funded by a consortium of Universities, it is managed by the non-profit Giant Magellan Telescope Organization headquartered in Pasadena and will eventually be constructed in the Atacama Desert in northern Chile. We will overview the U.S. ELT program with an emphasis on the features of the GMT and the science goals we hope to accomplish with it. Five Glendora residents currently work on the GMT program and Scott Rubel (your editor) works at Carnegie Observatories, where GMT was In this issue: born.
    [Show full text]
  • GHS Newsletter May-June 2017
    the Glendora historical society Preserving Our Heritage Since 1947 www.glendorahistoricalsociety.org May-June 2017 Newsletter & Archive Rabat, Morocco – a city on the parallel. Photograph: CIA Photograph: G l e n d o r a o n t h e P a r a l l e l by Janet Stone When Monday, May 22nd Where Glendora Public Library, Bidwell Forum 140 S. Glendora Avenue Time 6:30-8:30pm (Program will begin at 7pm) Cost FREE and open to the public - Refreshments will be served. magine yourself in Glendora, lacing up your most comfortable long-distance shoes. IYou start walking, heading east. As you walk, you may pass neighborhoods of houses or neighborhoods of businesses, or slip back and forth from one to the other. Eventually, Glendora becomes San Dimas. San Dimas becomes La Verne. After 45 miles or so of this subtle patchwork, you hit the San Bernardino National Forest, and it takes maybe 150 miles more before you leave California and find yourself in Arizona. If you were to continue this eastward trek straight around our Earth, 2360 miles away from the equator, what would you discover? Join us and find out. In this issue: Janet Stone has worked for the City of Glendora since 2007. After serving as Come Join Us – the Senior Librarian overseeing Adult Services, she became Library Director Calendar of Events in 2013. Prior to joining the City of Glendora, Janet worked with the Pasadena Country Dinner Invite Public Library for 18 years in several positions, largely in technology and Third Graders Visit Easter Egg Trophy information services.
    [Show full text]
  • Ancient Mysteries Revealed on Secrets of the Dead A
    AUGUSTMAY 2019 2020 Asian Americans DID YOU KNOW? PAGE 6 Asian Americans New Five-Part Series Explores History and Identity PAGE 6 MidsomerAncient Murders Mysteries A Heartwarming Season 17Revealed Premieres! on New Season of PAGE 19 Secrets of the Dead Call the Midwife PAGE XX PAGE X CONTENTS 2 3 4 5 7 22 LETTER + VIRTUAL NEWS + NOTES RADIO SCHEDULE RADIO SPECIALS + TV LISTINGS PASSPORT EVENTS Highlights of What’s airing PODCASTS Your monthly guide What’s new and KQED’s response what’s happening when? New and binge-worthy in to COVID-19 recommended Passport? LETTER FROM KQED’S PRESIDENT Dear KQED members, We’re also expanding our reach to help communities outside our region by working with NPR and partners. We retooled the I hope you and your loved ones second hour of Forum, our daily call-in show, to be the first are safe and healthy. We’re all statewide public radio program on the virus and its impacts. taking the necessary steps to try And our education unit has led the implementation of an and stop the spread of COVID-19, in-home learning plan statewide to address school closures, yet there continues to be great including television programming on KQED Plus and KQED uncertainty about when the crisis World aligned to state standards and free online resources (see will end and what our world will page 3). And, for now, our events team is connecting people by look like when it does. In a time streaming events and hosting virtual “watch parties” such as of extraordinary uncertainty, the Check, Please! Bay Area season premiere, which featured we're advised to focus on what the San Francisco cast of Hamilton.
    [Show full text]
  • PALAC. . . Where People and Ideas Meet
    PALAC . where people and ideas meet S T U D Y D I S C U S S I O N P R O G R A M S W I N T E R / S P R I N G 2 0 1 9 New leaders and hosts are the life blood of PALAC offers continuing liberal arts PALAC. Please call the office to volunteer. education to adults of the San Gabriel 626 797-2380 Valley. If you enjoy the excitement and stimulation of discussing ideas DATES TO REMEMBER Annual Meeting Saturday January 26 in a new learning situation, whatever Program Brunch Saturday March 16 your educational background, Spring Party Sunday June 2 you’re welcome in any of PALAC’s WINTER SESSION 2019 programs. ________________________________________________________________________________________________________________________________ 101 21 Lessons for the 21st Century by JOIN US PALAC offers additional advantages and activities to members. Membership subscription is just $30 Yuval Noah Harari per person or $50 per couple per calendar year. Call 626 This is Harari’s third book after his internationally acclaimed Sapiens and Homo Deus , which assessed the past and the 797-2380 for details or mail your registration and check to future. He has put together a strategy to deal with most of the PALAC, 1015 N. Lake #108, Pasadena, CA 91104-4574. critical “isms” that confront our society today. The book was recently reviewed inFULL the “NY Times Book Review” by Bill REGISTER To register, submit a completed registration Gates as a powerful book that he generally agrees with but not form and a check to the PALAC office.
    [Show full text]
  • National Register of Historic Places 2013 Weekly Lists
    National Register of Historic Places 2013 Weekly Lists January 4, 2013 ..................................................................................................................................................... 3 January 11, 2013 ................................................................................................................................................... 9 January 18, 2013 ................................................................................................................................................. 18 January 25, 2013 ................................................................................................................................................. 24 February 1, 2013 ................................................................................................................................................. 31 February 8, 2013 ................................................................................................................................................. 38 February 15, 2013 ............................................................................................................................................... 47 February 22, 2013 ............................................................................................................................................... 54 March 1, 2013 ..................................................................................................................................................... 59 March 8, 2013
    [Show full text]