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Hotel business continues to shine [2013 Giants 300 Report]

Hotel business continues to shine [2013 Giants 300 Report]

Despite some economic stressors, hotel operating fundamentals are poised to remain strong in 2013.


By Julie Higginbotham, Senior Editor | July 22, 2013
The Weitz Company recently completed a renovation of the Breakers Beach Club, a
The Weitz Company recently completed a renovation of the Breakers Beach Club, a recreation and restaurant facility that is part of The Breakers of Palm Beach (Fla.) resort. The project, originally built by Weitz in 1999, was upgraded with five new high-end cabanas, a new storefront system providing ocean views from the dining room, and a modern beach bar. Photo: CJ Walker Photography

Now rising in the Big Apple, the 70-story Central Park Marriott will be the tallest hotel in the Western Hemisphere when completed by CNY Group. The $200 million project, with structural engineering by WSP, reflects the generally upbeat mood in the hospitality market.

“Globally, hotel operating fundamentals are poised to remain strong in 2013,” says Mark Wynne-Smith, Global CEO of Jones Lang LaSalle’s Hotels and Hospitality Group. Despite some economic stressors, JLL believes supply and demand, availability of investment capital (especially from private equity funds), and REIT stock prices all point to “an attractive environment” for hotel business worldwide.

TOP HOTEL ARCHITECTURE FIRMS

 
2012 Hospitality Revenue ($)
1 Gensler $69,090,000
2 WATG / Wimberly Interiors $54,713,000
3 HKS $32,000,000
4 Leo A Daly $19,999,621
5 RTKL Associates $19,730,000
6 Hnedak Bobo Group $17,425,000
7 Perkins Eastman $11,600,000
8 Kohn Pedersen Fox Associates $11,251,800
9 Cuningham Group Architecture $10,019,865
10 HOK $10,011,000

TOP HOTEL ENGINEERING FIRMS

 
2012 Hospitality Revenue ($)
1 AECOM Technology Corp. $100,190,000
2 Parsons Brinckerhoff $28,900,000
3 Buro Happold Consulting Engineers $16,165,000
4 Rolf Jensen & Associates $7,600,000
5 Thornton Tomasetti $7,218,731
6 KPFF Consulting Engineers $6,000,000
7 Arup $5,527,371
8 Michael Baker Jr. $4,340,000
9 Wiss, Janney, Elstner Associates $2,880,000
10 WSP USA $2,696,642

TOP HOTEL CONSTRUCTION FIRMS

 
2012 Hospitality Revenue ($)
1 Manhattan Construction $290,769,000
2 Structure Tone $250,908,000
3 Lend Lease $234,975,000
4 Swinerton Builders $227,431,950
5 Mortenson Construction $209,550,000
6 Tutor Perini Corporation $209,216,126
7 Brasfield & Gorrie $163,774,558
8 Flintco $155,600,000
9 Messer Construction $147,695,128
10 Yates Cos., The $144,700,000

San Francisco, Los Angeles, Houston, Chicago, New York City, Hawaii, and Washington, D.C., are pinpointed as strong markets in the Americas (http://bit.ly/JLLHotels).

Adaptive reuse for hospitality is producing some particularly interesting remakes of historic properties. The strategy dovetails with travelers’ growing taste for local authenticity—a particular interest of Millennials, according to Tom Ito, Principal and leader for Gensler’s global hospitality practice. “For this generation, avoiding the norm is all about being true to yourself,” says Ito. “As this consumer group grows in spending power, hoteliers will need to provide personalized experiences that reflect the spirit of this demographic.”

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Adaptive Reuse

Detroit’s Michigan Central Station, centerpiece of innovation hub, opens

The recently opened Michigan Central Station in Detroit is the centerpiece of a 30-acre technology and cultural hub that will include development of urban transportation solutions. The six-year adaptive reuse project of the 640,000 sf historic station, created by the same architect as New York’s Grand Central Station, is the latest sign of a reinvigorating Detroit.

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