Colliers Report: Tourism boosts hotel business in 2021 despite staffing shortages
March 2, 2022
Commercial Real Estate Research & Forecast Report
Q4 2021 South Carolina Hotel
Market Highlights
The South Carolina hotel market recovered more quickly than other markets around the country. Occupancy, average daily rates and revenue per available room peaked in July due to a spike in summer tourism. Occupancy ended 2021 at 49.3%, average daily rates at $107.53, and revenue per available room at $52.98.
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Key Takeaways
- Occupancy, ADR and RevPar rates are a little lower than the peak summer season, but higher than they were at year-end 2020
- Despite staffing issues, South Carolina hotel occupancy is expected to rise in 2022
Summary
South Carolina hotel occupancy is expected to rise in 2022 as the pandemic recedes and travel increases. This will also push average daily rates and revenue per available room upward.
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 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 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.
