CSHQA recently attended the Idaho Business Review’s breakfast series “Be Our Guest: Idaho’s Dramatic Hotel Construction Boom.” The tourism GDP for Idaho’s Tourism industry was $1.6 Billion in 2017 and growing. The outlook for both tourism and hospitality in Boise is positive. There is a continuation of growth and new opportunities to grow do not look to be impacted by any financials. The average occupancy is above 70% for Boise, which means the new properties have not cannibalized the market.
The panel discussed financing, how technology could be a disruptor for the industry, and what modular design can do for consistency and speed to market. The key takeaway was the value of creating a UNIQUE EXPERIENCE. Hoteliers understand this trend and are expanding it to include locally infused experiences. Whether a limited service property or high-end boutique, local experience can differentiate each property.
The Boise market is focused on both Treasure Valley locals and other areas of Idaho, as many hoteliers consider all Idahoan’s locals. The outlook for Boise’s hotel market looks positive, and with more properties coming on the market in the next few years, additional market segment demand will be met. We look forward to the next few years of Boise hospitality as we grow our hotel, tourism and restaurant market.
With summer already upon us, wait for next week’s post on trends in outdoor dining. (hint: outdoor dining can increase revenue by up to 30%, according to Simons Advisory study).
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