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Southern California Lodging Forecast

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Southern California Lodging Forecast CBRE HOTELS | CONSULTING CBRE HOTELS 2018 SOUTHERN CALIFORNIA LODGING FORECAST CBRE Hotels | Consulting is a national firm of management consultants, industry specialists, and appraisers who provide a full range of services to the hospitality and tourism industries. COACHELLA VALLEY | COASTAL | INLAND EMPIRE LOS ANGELES | ORANGE COUNTY | SAN DIEGO SAN LUIS OBISPO | SANTA BARBARA | VENTURA $300 COMMERCIAL REAL ESTATE SERVICES CBRE, Inc. CBRE Hotels, Consulting 400 South Hope Street, 25 th Floor Los Angeles, CA 90071 www.cbrehotels.com October 20, 2017 It is our pleasure to present The 2018 Southern California Lodging Forecast. This forecast has been prepared using our database, as well as information and comments solicited from local hoteliers, hotel owners, hotel developers, representatives of Destination Marketing Organizations, and others. We hope that this document will be helpful for planning and budgeting purposes. To those who have assisted us with this analysis, we extend our sincere appreciation. Without your assistance, this forecast could not have been completed. As with previous forecasts, this year’s document has been divided into the major markets that comprise the Southern California region. These include Los Angeles, Orange County, San Diego, Inland Empire, Coachella Valley, Ventura, Santa Barbara, and San Luis Obispo. Also included is the Coastal Resort market, comprised of hotels on the Southern California coast from San Luis Obispo to San Diego. In addition, it should be noted that certain properties are included in multiple submarkets, but are not reported twice in the overall sample for their respective county or area. Each of these markets and the various submarkets therein, will be discussed in further detail in the pages to follow. If we can be of further assistance in the interpretation of this data, please feel free to contact us. Of note, we have transitioned from the Valuation and Advisory Services group of CBRE, Inc. to a specialized hotel consulting division to better focus our efforts on the dynamic needs of our clients. CBRE Hotels | Consulting is one of the only organizations in the world with the focused expertise, market intelligence and global connections to secure that kind of success for its clients. Whether institutional or individual, investor or lender, clients benefit from the fact that CBRE Hotels | Consulting is uniquely positioned as a comprehensive, international service provider focused exclusively on hospitality. Sincerely, CBRE Hotels | Consulting Bruce Baltin Managing Director Table of Contents Page Number INTRODUCTION AND REGIONAL OVERVIEW ......................................................................................................... IV LOS ANGELES COUNTY .......................................................................................................................................... 2 EXECUTIVE SUMMARY .................................................................................................................. 2 Total Visitor Volume .......................................................................................................... 3 LAX Modernization ............................................................................................................ 4 Los Angeles Convention Center ......................................................................................... 6 Additions to Supply ....................................................................................................................... 8 DOWNTOWN LOS ANGELES ....................................................................................................... 8 Residential Developments .................................................................................................. 8 The Bloc .......................................................................................................................... 9 Metropolis ....................................................................................................................... 9 Avenue of the Angels ...................................................................................................... 10 Oceanwide Plaza ........................................................................................................... 10 Circa ............................................................................................................................. 10 LONG BEACH ........................................................................................................................... 12 SOUTH BAY ............................................................................................................................... 13 LOS ANGELES INTERNATIONAL AIRPORT ................................................................................... 13 SANTA MONICA ........................................................................................................................ 14 MARINA DEL REY ........................................................................................................................ 15 BEVERLY HILLS/WEST LOS ANGELES ........................................................................................... 16 HOLLYWOOD ........................................................................................................................... 19 WEST HOLLYWOOD .................................................................................................................. 20 PASADENA/ARCADIA/MONROVIA .............................................................................................. 20 SAN FERNANDO VALLEY ............................................................................................................ 22 THOUSAND OAKS/AGOURA HILLS ............................................................................................ 24 SAN GABRIEL VALLEY ................................................................................................................. 24 WHITTIER/I-5 CORRIDOR ........................................................................................................... 25 SANTA CLARITA ......................................................................................................................... 26 SAN DIEGO COUNTY ............................................................................................................................................ 29 EXECUTIVE SUMMARY ................................................................................................................ 29 Additions to Supply ......................................................................................................... 33 DOWNTOWN SAN DIEGO/EMBARCADERO ............................................................................... 33 SAN DIEGO BAY MARKET........................................................................................................... 34 LA JOLLA ................................................................................................................................... 35 MISSION BAY ............................................................................................................................ 36 MISSION VALLEY/OLD TOWN .................................................................................................... 36 NORTH CITY/UNIVERSITY TOWNE CENTER (UTC)/SORRENTO MESA .......................................... 37 NORTH COASTAL MARKET ......................................................................................................... 38 I-15/KEARNY MESA .................................................................................................................... 39 SOUTH BAY ............................................................................................................................... 40 ORANGE COUNTY ................................................................................................................................................ 42 EXECUTIVE SUMMARY ................................................................................................................ 42 Additions to Supply ......................................................................................................... 45 CENTRAL ORANGE COUNTY ..................................................................................................... 46 ANAHEIM AND GREATER ANAHEIM ............................................................................................ 47 ORANGE COUNTY AIRPORT ...................................................................................................... 51 SOUTH COAST METRO MARKET ................................................................................................ 52 NORTH ORANGE COUNTY ....................................................................................................... 53 i Table of Contents Page Number NEWPORT BEACH...................................................................................................................... 54 COASTAL ORANGE COUNTY .................................................................................................... 55 COACHELLA VALLEY ............................................................................................................................................ 58 EXECUTIVE SUMMARY ................................................................................................................ 58 Economic Indicators ......................................................................................................
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