{"id":1004047827,"date":"2012-10-03T11:36:02","date_gmt":"2012-10-03T19:36:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004047827"},"modified":"2022-12-01T19:29:51","modified_gmt":"2022-12-02T03:29:51","slug":"hotel-reits-going-strong","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hotel-reits-going-strong\/","title":{"rendered":"Hotel REITs Going Strong"},"content":{"rendered":"<p><em>By Maria Maslovsky,\u00a0Assistant Vice President &amp; Analyst for Commercial Real Estate Finance, Moody\u2019s Investors Service<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/Maslovsky_Maria-ct.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004047829\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hotel-reits-going-strong\/maslovsky_maria-ct\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/Maslovsky_Maria-ct.jpg\" data-orig-size=\"196,186\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1092923274&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Maslovsky_Maria ct\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/Maslovsky_Maria-ct.jpg?w=196\" class=\"alignleft  wp-image-1004047829\" title=\"Maslovsky_Maria ct\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/Maslovsky_Maria-ct.jpg\" alt=\"\" width=\"157\" height=\"149\" \/><\/a><\/p>\n<p>The lodging industry has continued its stable growth in 2012. Strong corporate and returning group demand, as well as some personal income growth, coupled with historically small new supply have underpinned this positive performance.\u00a0 A third expansionary year in a row\u2014after the dramatic collapse in 2009\u2014bodes well for the hotel REITs\u2019 profitability and credit profiles.<\/p>\n<p>Moody\u2019s maintains a stable outlook on both hotel fundamentals and on lodging REIT ratings, reflecting the cyclical upswing in the industry. Given the low levels of new construction and the caution that remains among lenders with respect to development, we feel that this business cycle may have a longer positive phase than some of the previous cycles in the hospitality industry.\u00a0 Still, Moody\u2019s is cognizant of the weighty fiscal challenges facing the nation, as well as the slowdown in growth globally, particularly in Europe, China and India where many visitors to the United States originate.<\/p>\n<p>Positive fundamentals have allowed the credit metrics of the lodging REITs to continue to stabilize in 2012, with declining leverage, strengthening coverage of fixed charges and good liquidity, which is illustrated in Figure 1.<\/p>\n<div id=\"attachment_1004047531\" style=\"width: 310px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/CPE_REIT_100312.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004047531\" data-attachment-id=\"1004047531\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hotel-reits-going-strong\/cpe_reit_100312\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/CPE_REIT_100312.jpg\" data-orig-size=\"432,300\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"CPE_REIT_100312\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Source: SNL Financial, Moody\u2019s Investors Service&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/CPE_REIT_100312.jpg?w=432\" class=\"size-medium wp-image-1004047531 \" title=\"CPE_REIT_100312\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/CPE_REIT_100312.jpg\" alt=\"\" width=\"300\" height=\"208\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/CPE_REIT_100312.jpg 432w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/CPE_REIT_100312.jpg?resize=300,208 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004047531\" class=\"wp-caption-text\">Source: SNL Financial, Moody\u2019s Investors Service<\/p><\/div>\n<p>Through August 2012, RevPAR (revenue per available room) grew by 7.3 percent following post-recession growth of 8.2 percent in 2011 and 5.4 percent in 2010, according to Smith Travel Research.\u00a0 Positively, in 2012, this growth was primarily fueled by ADR (average daily rate): 4.3 percent\u00a0<em>versus<\/em> 3.7 percent in 2011 and 0 percent in 2010.\u00a0 The increase in ADR is very beneficial for margins and profitability.\u00a0 Record demand made the increase possible: in 2011, average daily rooms sold exceeded the previous industry peak achieved in 2007.\u00a0 Average daily rooms sold are also on track to post additional increases in both 2012 and 2013, according to PricewaterhouseCoopers.\u00a0 The advantage afforded by the robust demand statistics is reinforced by limited supply growth: new construction effectively ground to a halt in 2009 and has not increased since.\u00a0 While there is some anecdotal evidence of more interest in new hotel development, PricewaterhouseCoopers does not project any meaningful supply increases.<\/p>\n<p>The risks for the continued lodging expansion include a fiscal tightening in the United States, as well as potentially reduced international travel in the wake of economic slowdown in Europe, China and India.\u00a0 A sharp budget cut in the nation in 2013 would likely impact GDP growth and, by extension, lodging, which is a pro-cyclical industry.\u00a0 By the same token, overseas economic malaise is liable to reduce foreign tourism to the United States.\u00a0 Positively, year-to-date, this has not been the case with the gateway markets that attract the majority of international tourists, which have been outperforming the broader national statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Maria Maslovsky, Assistant Vice President &amp; Analyst for Commercial Real Estate Finance, Moody\u2019s Investors Service: The lodging industry has continued its steady growth in 2012. Moody&#8217;s predicts a cyclical upswing in the industry.<\/p>\n","protected":false},"author":1591,"featured_media":1004047829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004047827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hotel REITs Going Strong - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hotel-reits-going-strong\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hotel REITs Going Strong\" \/>\n<meta property=\"og:description\" content=\"By Maria Maslovsky, Assistant Vice President &amp; Analyst for Commercial Real Estate Finance, Moody\u2019s Investors Service: The lodging industry has continued its steady growth in 2012. 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