Colliers Report: South Carolina hotels experience a revenue boost
August 1, 2022
Commercial Real Estate Research & Forecast Report
Q2 2022 South Carolina Hotel
Market Highlights
Tourist season was in full swing during the second quarter of 2022 evidenced by an increase in both the average daily rates and revenue per available room. Occupancy was slightly lower than the second quarter of 2021; however, it was still high at 69.05%.
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Key Takeaways
- Revenue was strong in all hotel sectors during the second quarter of 2022
- Higher ADR and RevPar offset increasing operating costs in the second quarter
Summary
Higher second quarter revenue will continue through 2022 which will help hotel owners combat higher operating costs and inflation and provide the necessary funding of property improvement plans and renovations delayed during the pandemic.
About Colliers
Colliers | South Carolina has over 140 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina, with a portfolio of over 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
