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NAIOP Presentation

This presentation by Rachel J. Roginsky from Pinnacle Advisory Group offers an in-depth analysis of the Boston and Cambridge lodging market, examining key statistics such as room supply, demand, occupancy rates, and average daily rates (ADR). The report also highlights projected trends through 2007, including the impact of new developments like the Boston Convention and Exhibition Center. Attendees will gain insights into market fluctuations, with a historical perspective from 1989 to 2002 and future projections influenced by economic and infrastructural changes.

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NAIOP Presentation

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  1. Rachel J. Roginsky, ISHC Pinnacle Advisory Group 76 Canal Street Boston, MA 02114 Telephone: 617-722-9916 Fax: 617-722-9917 rroginsky@pinnacle-advisory.com NAIOP Presentation Pinnacle Realty Investments Pinnacle Advisory Group

  2. Lodging Statistics • National • Boston / Cambridge • Suburban Boston

  3. Total United StatesRoom Supply/Demand Percent ChangeTwelve Month Moving Average To Dec 2002 Source: Smith Travel Research

  4. Total United StatesRoom Demand Percent ChangeJan 2000 – Dec 2002 Source: Smith Travel Research

  5. Total United StatesOccupancy and ADRTwelve Month Moving Average To Dec 2002 Source: Smith Travel Research

  6. Top 25 MarketsOccupancy PercentDecember 2002 YTD INDUSTRY AVERAGE 59.2 % Source: Smith Travel Research

  7. Top 25 MarketsADR Percent Change December 2002 YTD Year over Year INDUSTRY AVERAGE -1.5 % Source: Smith Travel Research

  8. Top 25 MarketsRoom Supply Percent ChangeDecember 2002 YTD Year over Year INDUSTRY AVERAGE 1.8 % Source: Smith Travel Research

  9. Boston / Cambridge Occupancy1989 – 2002 Source: Pinnacle Advisory Group

  10. Boston / Cambridge Average Room Rate 1989-2002 Source: Pinnacle Advisory Group

  11. Boston / Cambridge Lodging Supply 1989 - 2002 Source: Pinnacle Advisory Group

  12. Suburban Boston Occupancy 1995-2002 Source: Pinnacle Advisory Group

  13. Suburban Boston Average Room Rate 1995 - 2002 Source: Pinnacle Advisory Group

  14. Suburban Boston Lodging Supply 1995 - 2002 Source: Pinnacle Advisory Group

  15. Key Boston Lodging Market Issues New Supply Pipeline Boston Convention and Exhibition Center Changes in Demand

  16. Boston / Cambridge New Supply Pipeline • Compound Annual Growth of 1.9% Between 1989 and 2002 • Inventory Growth of 4.9% Projected in 2003 • Projected Compound Annual Growth of 5.3% between 2002 and 2007

  17. The Pipeline - Boston/Cambridge • Commonwealth Hotel–150 Rooms - April 2003 • Embassy Suites–273 Rooms - February 2003 • Hotel Marlowe -236 Rooms - March 2003 • Residence Inn – 168 Rooms – May 2003 • Jurys Doyle – 220 Rooms – April 2004 • Hotel Onyx– 112 Rooms – July 2004 • Charles Street Jail-300 Rooms – July 2004 • Hampton Inn Crosstown – 175 Rooms – July 2004 • Robin Brown Hotel –168 Rooms - Spring 2006

  18. The Pipeline – Seaport District • Renaissance – 438-Rooms April 2005 • Sheraton HQ – 800-Rooms September 2005 • Intercontinental – 420-Rooms - July 2005 • Grand Hyatt – 500-Rooms – January 2006 • Anthony’s Pier 4 – 250-Rooms – April 2007

  19. Boston Convention and Exhibition Center - BCEC • Projected Opening - June 2004 • HQ Hotel Projected Opening September 2005 • 24 Definite Events • 600,000 Room Nights Upon Stabilization • Currently 128,000 definite room nights on books for 2006

  20. Convention Center Related Demand • In 2000 the Hynes Generated 400,000 Room Nights (7 occupancy points for the entire Boston Cambridge market) • Upon Stabilization the BCEC is expected to generate approximately 600,000 room nights in addition to 300,000 at the Hynes , which results in a total of 900,000 room nights (11 occupancy points)

  21. Boston / Cambridge Demand 2002 (Estimated) Source: Pinnacle Advisory Group

  22. The Future…..

  23. Factors Affecting Future Demand • New Convention Center • New Office Supply and Vacancies • Logan Modernization • Completion of the Big Dig • Economy • Budget Cuts

  24. Boston / Cambridge 2003 Projections 2002 2003 Change Occupancy 72% 70% -2 Pts. Rate $165.04 $161.74 -2.0% RevPAR $118.82 $113.21 -4.7%

  25. Suburban Boston 2003 Projections 2002 2003 Change Occupancy 58% 57% -1 Pts. Rate $97.37 $94.42 -2.0% RevPAR $56.47 $54.39 -3.7%

  26. Pinnacle Realty Investments NAIOP Presentation Rachel J. Roginsky, ISHC Pinnacle Advisory Group 76 Canal Street Boston, MA 02114 Telephone: 617-722-9916 Fax: 617-722-9917 rroginsky@pinnacle-advisory.com Pinnacle Advisory Group

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