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Hospitality Sales Hit New High in 2018

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Hospitality Sales Hit New High in 2018 Research & Forecast Report LAS VEGAS | HOTEL Q4 2018 Hospitality Sales Hit New High in 2018 > As year’s end, hospitality sales volume was highest in four years > Gaming revenue continued to improve, hitting highest level Economic Indicators since 2007 AIR CONVENTION RevPAR > Visitor volume continued its downward trend Passengers Attendance You could say Southern Nevada’s hospitality sector in 2018 was +15.6 better than the 10-year average, but down from the past two years. +11.7% While this assessment is basically correct, it misses some important details. Visitor volume and room occupancy have decreased over the Nov +4.5% 2018 past two years after peaking in 2016, but gaming revenue, taxable sales and passenger traffic at McCarran International Airport were up over the same period. Southern Nevada looks to be experiencing a Market Indicators slight slowdown in post-recession growth, but not a significant reversal. Relative to prior period Q4 2018 Q1 2019* Visitor volume in October 2018, the most recent month of statistics Room Inventory available, was 35.4 million people year-to-date. This represented Room Occupancy year-over-year growth of negative 1.0 percent. Year-to-date, Average Daily Rate Southern Nevada had negative 1.2 percent growth in citywide occupancy, negative 0.1 percent growth in the Average Daily Room Revenue Per Available Room Rate (ADR) and negative 1.4 percent growth in Revenue Per Available *Data Not Available Room (RevPAR). Summary Statistics Revenue Per Available RevPARRoom (RevPAR) Las Vegas Market Q4 2017 Q3 2018 Q4 2018 $125.00 Room Inventory 141,853 142,182 142,781 $120.00 $115.00 Room Occupancy 84.0% 88.6% 91.4% $110.00 Average Daily Rate $125.11 $123.66 $142.43 $105.00 Revenue Per Available Room $105.53 $109.54 $130.18 $100.00 $95.00 4 Q 2016 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 Through September 2018, taxable sales in the leisure and hospitality Sales sector was $8.8 billion dollars. This includes $912 million in taxable Volume revenue in accommodations and $7.87 billion in eating and drinking Sales Volume $1, 000,000,000 places. This represented 3.2 percent growth over the same period last $900, 000,000 year. Employment in the leisure and hospitality sector increased by $800, 000,000 $700,000,000 7,600 jobs between October 2017 and October 2018. $600, 000,000 $500, 000,000 While visitor volume in 2018 continued a downward trend that started $400,000,000 $300, 000,000 in 2017, gaming revenue continued an upward trend that began in $200,000,000 2016. Gaming revenue in Clark County year-to-date in October $100,000,000 $0 2018 was up 2.2 percent year-over-year. Gaming revenue was up 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 1.6 percent year-over-year on the Las Vegas “Strip”, 1.0 percent in Downtown and 4.6 percent on the Boulder Strip, which mostly plays host to local casino patrons. Total room inventory in October 2018 increased to 147,598 units, slightly more than the 146,582 units of inventory in October 2017. In Sales vs. properties with 100 or more rooms, inventory in the fourth quarter Price Per Unit of 2018 was 142,781 units, compared to 141,853 units in the fourth Sales vs. Price Per Unit 4,000 $1, 600,000 quarter of 2017. Construction continued on the 3,400 room Resorts 3,500 $1, 400,000 World Las Vegas and 3,889 room The Drew Las Vegas on the Las 3,000 $1, 200,000 Vegas “Strip”, as well as the 135 room Home2 Suites in the West 2,500 $1, 000,000 2,000 $800, 000 Vegas submarket. The 125-room Motel 6 located near the Las Vegas 1, 500 $600, 000 Speedway and 111 room TownePlace Suites were completed this 1, 000 $400,000 quarter. An additional 1,017 rooms are slated for completion in 2019. 500 $200,000 0 $0 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 1 Q 2018 2 Q 2018 3 Q 2018 4 Q 2018 In addition to new property development, Southern Nevada was slated Sales (Units) Average Price Per Unit for $880 million in property remodels and renovations over the next two years, including Park MGM, the Monte Carlo Resort and Casino, Palace Station Hotel & Casino, SLS Las Vegas and Hard Rock Hotel and Casino. New venues and expansions totaling $3.57 billion are slated for completion in the next two years, including the expansion of the Las Vegas Convention Center, the new Caesars Forum convention Market Health Data Point 2014 2015 2016 2017 2018 Visitor Volume (millions; Jan-Oct) 34.7 35.7 36.5 35.7 35.4 Room Occupancy (Jan-Oct) 88.1% 88.8% 90.4% 90.2% 89.0% ADR (Jan-Oct) $117.86 $120.91 $127.14 $131.28 $129.68 RevPAR (Jan-Oct) $103.88 $107.32 $114.81 $118.42 $115.38 Convention Attendance (millions; Jan-Oct) 4.62 4.92 5.54 5.83 5.67 Passengers McCarran Int’l (millions; Jan- 36.1 37.9 39.9 40.8 41.7 Oct) Gaming Revenue (Clark County; billions; $7.96 $7.92 $8.07 $8.37 $8.56 Jan-Oct) Gaming Revenue (“Strip”; millions; Jan-Oct) $5.31 $5.21 $5.27 $5.40 $5.49 Data from Las Vegas Convention & Visitors Authority 2 Las Vegas Research & Forecast Report | Q4 2018 | Hospitality | Colliers International center, the expansion of the MGM Grand conference center, Las Vegas Ballpark in Summerlin, Las Vegas Stadium, which will host the NFL Las Vegas Raiders, the All Net Resort & Arena, which will host the WNBA Las Vegas Aces, Madison Square Garden’s Sphere Arena and an expansion of the Showcase Mall on the Las Vegas “Strip”. Southern Nevada registered the sale of 5,351 hospitality units with a sales volume of $1.36 billion and average sale price of $253,338 per unit in 2018. There were no hospitality sales in the first quarter of 2018, but sales picked up over the course of the year. Key sales included the 1,506-room Hard Rock Hotel & Casino to Virgin Hotels for $500 million and the 1,325-room SLS for $190 million. 2018 was the best year for hospitality sales in Southern Nevada since 2014. 2018 was a solid year for tourism in Southern Nevada, though it did not quite equal the last two years. Still, Southern Nevada is on the cusp of a major expansion of its entertainment product, and as these venues come online they should bring those visitor volume numbers up, as well as put Southern Nevada on track for a productive decade in the 2020’s. Hospitality Sales* Year Sales Volume Units Sold Price/Unit 2018 $1,355.6 MM 5,351 $253,000 2017 $917.4 MM 6,626 $138,000 2016 $1221.8 MM 4,776 $254,000 2015 $466.2 MM 5,445 $86,000 2014 $2001.3 MM 7,614 $263,000 2013 $57.8 MM 1,335 $43,000 2012 $159.8 MM 3,120 $51,000 2011 $1577.8 MM 7,507 $210,000 * Only includes properties with 100 or more units, arm’s-length sales 3 Las Vegas Research & Forecast Report | Q4 2018 | Hospitality | Colliers International Significant Hotel Sale Activity 215 SLS NORTH $190,000,000 NORTHWEST LAS VEGAS 1,325 Units - $143,000/Unit April 2018 95 Casino Hotel - Strip 15 Stratosphere Las Vegas $421,000,000 2,427 Units - $174,000/Unit October 2017 DOWNTOWN Casino Hotel - Strip SUMMERLIN WEST EAST CENTRAL LAS VEGAS RESORT Mandarin Oriental CORRIDOR $214,000,000 392 Units - $546,000/Unit 95 April 2018 THE Full Service - Strip “STRIP” AIRPORT Westin-Lake Las Vegas 215 $195,500,000 $397,000/Unit HENDERSON SOUTHWEST September 2018 Full Service - Henderson SOUTH LAS VEGAS Hard Rock Hotel & Casino $500,000,000 1,506 Units - $332,000/Unit March 2018 Casino Hotel - Resort Corridor Sale Activity Continued Property Name Sale Date Units Price Price/Unit Submarket Property Type Renaissance Las Vegas Apr 2018 548 $177,921,000 $325,000 Resort Corridor Full Service Arizona Charlie’s Casino Oct 2017 303 $53,000,000 $174,000 East Vegas Casino Hotel Siena Suites Nov 2018 600 $46,000,000 $77,000 East Vegas Limited Service Marriott TownePlace – Henderson May 2018 108 $36,000,000 $333,000 Henderson Limited Service Emerald Suites Aug 2018 359 $18,689,000 $52,000 Resort Corridor Limited Service 4 Las Vegas Research & Forecast Report | Q4 2018 | Hospitality | Colliers International Market Comparisons - Las Vegas Hospitality Market TOTAL INVENTORY AVERAGE SALES PRICE COMPLETIONS CURRENT COMPLETIONS YTD FUTURE DEVELOPMENT TYPE TOTAL SALES (UNITS) TOTAL SALES VOLUME (UNITS) PER UNIT QUARTER (UNITS) (UNITS) (UNITS) DOWNTOWN CAS 7,428 - $0 n/a - - - FS - - $0 n/a - - - LS 204 - $0 n/a - - 300 Total 7,632 - $0 n/a - - 300 LAS VEGAS “STRIP” CAS 80,185 - $0 n/a - - 11,389 FS 5,450 - $0 n/a - - - LS 2,567 600 $46,000,000 $76,667 - - 253 Total 88,202 600 $46,000,000 $76,667 - - 11,642 RESORT CORRIDOR CAS 10,407 - $0 n/a (203) (203) - FS 4,830 - $0 n/a - - - LS 5,682 - $0 n/a - - - Total 20,919 - $0 n/a (203) (203) - AIRPORT CAS - - $0 n/a - - 640 FS - - $0 n/a - - - LS 1,175 - $0 n/a - - - Total 1,175 - $0 n/a - - 640 EAST LAS VEGAS SUBMARKET CAS 1,704 - $0 n/a - - - FS - - $0 n/a - - - LS 3,058 - $0 n/a - - - Total 4,762 - $0 n/a - - - HENDERSON SUBMARKET CAS 2,035 - $0 n/a - - - FS 732 493 $195,500,000 $396,552 - - - LS 1,465 - $0 n/a - - - Total 4,232 493 $195,500,000 $396,552 - - - NORTH LAS VEGAS SUBMARKET CAS 988 - $0 n/a - - - FS - - $0 n/a - - - LS 1,405 - $0 n/a 125 125 - Total 2,393 - $0 n/a 125 125 - SOUTH LAS VEGAS SUBMARKET CAS 2,463 - $0 n/a - - - FS - - $0 n/a - - - LS 1,404 - $0 n/a - - - Total 3,867 - $0 n/a - - - SUMMERLIN SUBMARKET CAS 1,770 - $0 n/a - - - FS 123 - $0 n/a - - 267 LS 515 - $0 n/a - - - Total 2,408 - $0 n/a - - 267 WEST CENTRAL SUBMARKET CAS 3,425 - $0 n/a - - - FS 118 - $0 n/a - - - LS 3,648 - $0 n/a 111 440 135 Total 7,191 - $0 n/a 111 440 135 MARKET TOTAL CAS 110,405 - $0 n/a (203) (203) 12,029 FS 11,253 493 $195,500,000 n/a - - 267 LS 21,123 600 $46,000,000 $76,667 236 565 688 Total 142,781 1,093 $241,500,000 $220,952 33 362 12,984 QUARTERLY COMPARISON AND TOTALS Q4-18 142,781 1,093 $241,500,000 $220,952 33 362 12,984 Q3-18 142,182 751 $232,688,525 $309,838 0 329 13,166 Q2-18 142,182 3,507 $881,421,032 $251,332 0 329 13,166 Q1-18 142,182 - $0 n/a 329 329 12,770 Q4-17 141,853 2,989 $518,923,611 $173,611 229 449 10,439 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability.
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