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©2018STR,Inc.AllRightsReserved.Anyreprint,useorrepublicationofallorapartofthispresentationwithoutthepriorwrittenapprovalofSTR,Inc.orSTRGlobal,Ltd.tradingasSTR(collectively“STR”)isstrictlyprohibited.AnysuchreproductionshallspecificallycreditSTRasthesource.ThispresentationisbasedondatacollectedbySTR.Nostrategicadviceormarketingrecommendationisintendedorimplied.
OklahomaHotel&LodgingAssociation2019ForecastingLuncheon
VailRossSeniorVicePresident,GlobalBusinessDevelopment&Marketing
[email protected] @vail_str
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©2018STR.AllRightsReserved. 2
Agenda– August28th
TotalU.S.Review
StateofOklahoma
OklahomaMarkets&Submarkets
Pipeline&Outlook
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©2018STR.AllRightsReserved.
TotalU.S.Review
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YTDJuly2018:AnotherStrongYearInTheMaking
TotalUSResults,July2018YTD
HighestEver? %Change
RoomSupply þ 2.0%RoomDemand þ 2.9%Occupancy þ 67.1% 0.8%
ADR þ $130 2.6%RevPAR þ $87 3.5%
RoomRevenue þ 5.6%
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DemandGrowthContinues.SupplyGrowthSlowandSteady.
-0.8
-4.7
-7.1
7.8
-8
-4
0
4
8
1990 2000 2010
Supply % Change
Demand % Change
TotalU.S.,Supply&Demand%Change,12MMA1/1990– 07/2018
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OccupancyGrowthLeadsToNewOCCRecords.ADRGrowthSteady.
-3.4
-6.7
-9.7
1.1
6.8 7.5
2.4
-10
-5
0
5
1990 2000 2010
Occ % ChangeADR % Change
TotalU.S.,ADR&OCC%Change,12MMA1/1990– 07/2018
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RealADRGrowth(ADR%minusCPI%)NowHoversAround0%
-10
-5
0
5
1990 2000 2010TotalU.S.,RealADR%Change(ADRminusCPI),byquarter,Q1/1990– Q2/2018
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101ConsecutiveMonthsofRevPARGrowth!!!
-25
-15
-5
5
15
1990 2000 2010
TotalU.S.,RevPAR%Change,1/1990– 07/2018
56Months 101Months111Months
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YTDMarketPerformance:LeisureDemandSeemsToAllowForPricingPower
Market OCC% ADR%Change Influenced ByMiami/Hialeah,FL 80.5 9.3 LeisureandGroupDemand
Minneapolis/StPaul,MN-WI 67.9 8.3 Super BowlLII
Orlando,FL 81.6 5.8 LeisureDemand
SanFrancisco/SanMateo,CA 82.6 5.6 GroupDemand&EasyComp
Atlanta,GA 71.8 4.2
Denver,CO 74.2 0.9Houston,TX 66.5 0.5
StLouis,MO-IL 65.7 0.1Boston,MA 73.7 -0.6
Washington,DC-MD-VA 73.7 -2.5 Inauguration/ Women’sMarch
*ADR%ChangeandabsoluteOCCinTop25:5Best/5WorstPerformingADR%Markets,YTDJuly2018
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©2018STR.AllRightsReserved. 10Source:2018HOSTAlmanac
2017LaborGrowth– Top25Markets
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StateofOklahoma
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DemandGrowthVeryStrong.SupplyGrowthSteady.
7.7%
-8
-4
0
4
8
12
1990 2000 2010
Supply%Change Demand%Change
StateofOklahoma,Supply&Demand%Change,12MMA1/1990– 07/2018
3.0%
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Strongdemandleadstooccupancygrowth
4.5
0.6
-15
-10
-5
0
5
10
15
1990 2000 2010
Occ%Change ADR%Change
StateofOklahoma,ADR&OCC%Change,12MMA1/1990– 07/2018
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July2018YTD:RevPARdrivenbyOCCgrowth
Actual %Change
Room Supply 2.9% p
RoomDemand 7.8% p
Occupancy 58% 4.7% p
ADR $80 0.8% p
RevPAR $46 5.6% p
RoomRevenue $709mm 8.6% p
StateofOklahoma,KeyPerformanceIndicators
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GROUP TRANSIENT
5.6%3.5%StateofOklahoma– Demand%Change,bySegmentJulyYTD2018*Luxury&UpperUpscaleClassesOnly
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OklahomaMarkets&Submarkets
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Market:OklahomaArea
July2018YTD
Hotels: 474Rooms: 29,756Sample:56%
OCC:53.2%9.5%
ADR:$74.210.4%
RevPAR:$39.459.9%
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Demandrecoveryinfullswing.SlowinSupplygrowth
-15
-10
-5
0
5
10
15
2002 2004 2006 2008 2010 2012 2014 2016 2018
Supply%Change Demand%Change
9.7%
OklahomaArea,Supply&Demand%Change,12MMA1/2002– 07/2018
1.3%
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ADRgrowthisrecoveredto(slight)positivegrowth
-20
-15
-10
-5
0
5
10
15
2002 2004 2006 2008 2010 2012 2014 2016 2018
Occ%Change ADR%Change
8.2%
0.5%
OklahomaArea,ADR&OCC%Change,12MMA1/2002– 07/2018
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34.4
46.450.3 52.2 50.2 52.1 50.0
38.2
50.654.7 55.7 54.0 56.2 53.7
0
20
40
60
Sun Mon Tue Wed Thu Fri Sat
2017 2018
OklahomaArea– Occupancy12MMAendingJuly2017vs.2018
Fridayslead…followedbyTuesday&Wednesday
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$70 $73 $74 $74 $73 $76 $76$70 $74 $74 $75 $73 $76 $76
Sun Mon Tue Wed Thu Fri Sat
2017 2018
Fridays&Saturdaysleadrate
OklahomaArea– ADR12MMAendingJuly2017vs.2018
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Occupancylevelsabove2017acrosstheclasses…
55.659.4
56.4
45.151.2
56.7 53.0
40.5
Luxury-Upscale UpperMidscale Midscale Economy
2018 2017
OklahomaAreaMarket– ActualOccupancy,byClass12MMAJuly2018vs.July2017
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…same,allclassscalesADRhigherthan2017
$89 $92
$76
$57
$89 $91
$76
$57
0
20
40
60
80
100
Luxury-Upscale UpperMidscale Midscale Economy
2018 2017
OklahomaAreaMarket– ActualADR,byClass12MMAJuly2018vs.July2017
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OCCgrowthcontributingtoprimarilytoRevPARgrowth
8.6
4.76.5
11.2
0.4
1.20.2
0.5
Luxury-Upscale UpperMidscale Midscale Economy
Occ%Change ADR%Change
OklahomaAreaMarket– RevPARcontributionforOCCandADR%Change12MMAJuly2018vs.July2017
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Verylittleinthepipeline…Upscale&UpperMidscaleareInConstructionprojects
Phase Hotels Rooms
InConstruction 3 256
FinalPlanning 4 347
Planning 11 749
UnderContract 18 1,352
*OklahomaAreaMarketPipeline,byPhase,‘000sRooms,July2018and2017
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July2018YTD
Hotels:168Rooms:16,414Sample:82%
OCC:57.1%1.6%
ADR:$80.860.2%
RevPAR:$46.181.4%
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SupplyslowinghowevergrowthstilloutpacingDemandgrowth
-15
-10
-5
0
5
10
15
2002 2004 2006 2008 2010 2012 2014 2016 2018
Supply%Change Demand%Change
3.6%
TulsaMarket,Supply&Demand%Change,12MMA1/2002– 07/2018
2.9%
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SupplyandDemandimbalanceimpactonOCCandADRgrowth
-20
-15
-10
-5
0
5
10
15
2002 2004 2006 2008 2010 2012 2014 2016 2018
Occ%Change ADR%Change
0.6%
-0.7%
TulsaMarket,ADR&OCC%Change,12MMA1/2002– 07/2018
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Midscale&EconomyonlyYOYgrowth
62.453.9 56.5 54.2 51.0
65.5
56.457.2
52.649.3
Luxury-UpperUp Upscale UpperMidscale Midscale Economy
2018 2017
TulsaMarket– ActualOccupancy,byClass12MMAJuly2018vs.July2017
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Luxury-UpperUpscale&MidscaleYOYgrowth$112
$94$87
$71
$48
$109
$94$88
$70
$48
Luxury-UpperUp Upscale UpperMidscale Midscale Economy
2018 2017
TulsaMarket– ActualADR,byClass12MMAJuly2018vs.July2017
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MidscaleClasspositiveOCCandADRgrowthcontributingtoRevPARgrowth
(4.8) -4.5
(1.3)
3.0 3.42.20.1
-0.4
1.5 0.3
Luxury-UpperUp Upscale UpperMidscale Midscale Economy
Occ%Change ADR%Change
TulsaMarket– RevPARcontributionforOCCandADR%Change12MMAJuly2018vs.July2017
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GROUP TRANSIENT
9.5%13.1%TulsaMarket– Demand%Change,bySegmentJulyYTD2018*Luxury&UpperUpscaleClassesOnly
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GROUP TRANSIENT
3.3%7.0%TulsaMarket– ADR%Change,bySegmentJulyYTD2018*Luxury&UpperUpscaleClassesOnly
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YTDGrouprateprettyinlinewithTransient
$100 $103 $107 $107$113$114 $118 $122 $119
$114
2014 2015 2016 2017 YTD2018
Group Transient
TulsaMarket– ADRbyCustomerSegmentation- 2014to2017*Luxury&UpperUpscaleClassesOnly
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SegmentationADR%Change:GroupADRGrowthleadsTransient
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
Jan-15 Jan-16 Jan-17 Jan-18
TransientADR%Change GroupADR%Change
TulsaMarketSegmentationADR%Change,Transient&Group,1/2015– 7/2018
11.3%
0.2%
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39.0
50.8
58.1 58.9 56.861.5 62.0
39.7
50.857.1 58.5 55.9
60.5 61.8
Sun Mon Tue Wed Thu Fri Sat
2017 2018
TulsaMarket– Occupancy12MMAendingJuly2017vs.2018
Saturdaysleadthedayofweek
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$72$79 $82 $82 $80 $80 $80
$73$79 $82 $83 $80 $81 $81
Sun Mon Tue Wed Thu Fri Sat
2017 2018
Tuesday&WednesdayleadinADRfordayofweeks
TulsaMarket– ADR12MMAendingJuly2017vs.2018
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UpperUpscalethruUpperMidscaleareInConstructionprojects
Phase Hotels Rooms
InConstruction 10 1,041
FinalPlanning 3 277
Planning 11 836
UnderContract 24 2,154
*TulsaMarketPipeline,byPhase,‘000sRooms,July2018and2017
>10%existingsupply
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Market:OklahomaCity
July2018YTD
Hotels: 280Rooms:26,514Sample:81%
OCC:64%1.7%
ADR:$84.541.9%
RevPAR:$54.113.7%
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BothDemandandSupplygrowingagoodpace
-15
-10
-5
0
5
10
15
2002 2004 2006 2008 2010 2012 2014 2016 2018
Supply%Change Demand%Change
8.5%
OklahomaCityMarket,Supply&Demand%Change,12MMA1/2002– 07/2018
4.7%
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ADRgrowthhascrossedthepositivegrowthpoint…notinflationadjusted
-20
-15
-10
-5
0
5
10
15
2002 2004 2006 2008 2010 2012 2014 2016 2018
Occ%Change ADR%Change
3.7%
0.7%
OklahomaCityMarket,ADR&OCC%Change,12MMA1/2002– 07/2018
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Upscaleonlysegmentwithout YOYgrowth
63.466.9 65.9
61.0 58.961.1
69.564.2
60.854.0
Luxury-UpperUp Upscale UpperMidscale Midscale Economy
2018 2017
OklahomaCityMarket– ActualOccupancy,byClass12MMAJuly2018vs.July2017
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Midscale&EconomyonlyYOYgrowth
$122
$105$91
$74
$49
$122
$106
$91
$71
$48
Luxury-UpperUp Upscale UpperMidscale Midscale Economy
2018 2017
OklahomaCityMarket– ActualADR,byClass12MMAJuly2018vs.July2017
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Midscale&EconomyClasspositiveOCCandADRgrowthcontributingtoRevPARgrowth
3.9
-3.7
2.5 0.4
8.1
-0.3
-1.3
0.24.6
1.9
Luxury-UpperUp Upscale UpperMidscale Midscale Economy
Occ%Change ADR%Change
OklahomaCityMarket– RevPARcontributionforOCCandADR%Change12MMAJuly2018vs.July2017
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GROUP TRANSIENT
0.4%0.5%OklahomaCityMarket– Demand%Change,bySegmentJulyYTD2018*Luxury&UpperUpscaleClassesOnly
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GROUP TRANSIENT
0.3%1.7%OklahomaCityMarket– ADR%Change,bySegmentJulyYTD2018*Luxury&UpperUpscaleClassesOnly
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GrouprateclosertoTransientYTD
$114 $111 $116 $113$118 $116 $121 $119 $121$115 $116 $120 $125
$133 $133 $134 $134 $134
2010 2011 2012 2013 2014 2015 2016 2017 YTD2018
Group Transient
OklahomaCityMarket– ADRbyCustomerSegmentation- 2010to2017*Luxury&UpperUpscaleClassesOnly
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SegmentationADR%Change:GroupADRGrowthOutperformsTransient
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
Jan-15 Jan-16 Jan-17 Jan-18
TransientADR%Change GroupADR%Change
OklahomaCityMarketSegmentationADR%Change,Transient&Group,1/2015– 7/2018
1.5%
-5.0%
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44.8
57.062.9 64.1
61.567.0 67.4
47.3
59.666.1 66.4 63.4
69.0 68.3
Sun Mon Tue Wed Thu Fri Sat
2017 2018
OklahomaCityMarket– Occupancy12MMAendingJuly2017vs.2018
Fridaysleadthedayofweek
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$74$82 $86 $85 $82 $83 $84
$76$83 $86 $86 $82 $84 $84
Sun Mon Tue Wed Thu Fri Sat
2017 2018
Tuesday&WednesdayleadinADRfordayofweeks
OklahomaCityMarket– ADR12MMAendingJuly2017vs.2018
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UpperUpscalethruUpperMidscaleareInConstructionprojects
Phase Hotels Rooms
InConstruction 14 1,368
FinalPlanning 13 1,511
Planning 24 2,507
UnderContract 51 5,386
*OklahomaCityMarketPipeline,byPhase,‘000sRooms,July2018and2017
>20%existingsupply
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Submarkets
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OKSubmarketsYTD:positivegrowthacrossallsubmarkets
Submarket Supply%Change Demand%Change
OklahomaEastArea 1.2 8.0
OklahomaWestArea 0.7 15.3
Norman/Moore 0.6 7.6
OklahomaCityAirport 6.2 5.1
OklahomaCityCBD 15.7 12.6
OklahomaCityNorth/West 4.7 8.7
OklahomaCitySoutheast 5.0 4.4
TulsaCBD/Airport 1.1 5.4
TulsaSouth/BrokenArrow 2.9 2.8
OklahomaSubmarkets,Supply&Demand%Change,July2018YTD
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OKSubmarketsYTD:spotsofred…impactofnewsupply?
Submarket Occ %Change ADR%Change RevPAR% Change
OklahomaEastArea 6.6 0.6 7.3
OklahomaWestArea 14.5 -0.0 14.5
Norman/Moore 7.0 -0.6 6.3
OklahomaCityAirport -1.0 1.1 0.1
OklahomaCityCBD -2.7 -2.1 -4.7
OklahomaCityNorth/West 3.8 4.9 8.9
OklahomaCitySoutheast -0.6 1.4 0.8
TulsaCBD/Airport 4.2 0.5 4.8
TulsaSouth/BrokenArrow -0.1 -1.0 -1.1
OklahomaSubmarkets,Occ,ADR,RevPAR%Change,July2018YTD
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TheCanaryInTheCoalmine
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-30.0
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
RevPAR%Change
%OfSubmarketsw/negativeRevPAR%
When%ofTractswithNegativeRevPAR%is43.5%TheUSDataFlips
*SubmarketswithNegativeRevPAR%Changeoutofall639Submarkets,bymonthJan1989– Apr2017
TurningPoint:43.5%
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WearemonitoringtheNumberofSubmarketswithNegativeRevPAR%
57%
32%
23%
14%15%
25%25%29%
33%
23%
70%
54%
47%
8% 8% 8%14%
63%
97%
18%
9% 11%16%
4%
12%
22%28%27%25%
1991 1996 2001 2006 2011 2016
*SubmarketswithNegativeRevPAR%Changeoutofall639Submarkets,byyear1990– 2017,andYTDJune2017/18
YTD2018
YTD2017
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Outlook
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USPipeline:LackofInConstructionRoomsGrowthAidsHealthyIndustryResults
Phase 2018 2017 %Change
InConstruction 190 188 0.8%
FinalPlanning 223 219 2.0%
Planning 195 183 5.8%
UnderContract 608 591 2.8%
*TotalUSPipeline,byPhase,‘000sRooms,July2018and2017
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LargeMarketsGrowRapidly
Market RoomsInConstruction %OfExistingNashville, TN 5,210 12%New York, NY 13,389 11%Denver, CO 4,516 9%Dallas, TX 6,337 7%
Seattle, WA 3,128 7%
*USPipeline,RoomsI/Candas%ofExistingSupply,Largest%InTop26Markets,July2018
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SomeSmallerMSAsReportRapidGrowth
MSA RoomsInConstruction %OfExistingGrand Rapids-Wyoming, MI (MSA - 24340) 1,451 14%
Nashville-Davidson--Murfreesboro--Franklin, TN (MSA - 34980) 5,290 12%
Denver-Aurora-Lakewood, CO (MSA - 19740) 5,016 10%Austin-Round Rock, TX (MSA - 12420) 3,957 10%
Savannah, GA (MSA - 42340) 1,531 10%San Jose-Sunnyvale-Santa Clara, CA (MSA -
41940) 2,636 10%Fresno, CA (MSA - 23420) 752 9%
Portland-Vancouver-Hillsboro, OR-WA (MSA -38900) 2,434 8%
Charleston-North Charleston, SC (MSA - 16700) 1,717 8%
North Port-Sarasota-Bradenton, FL (MSA - 35840) 793 8%
*USPipeline,RoomsI/Candas%ofExistingSupply,Largest%InTop110MSAs,July2018
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TotalUnitedStatesKeyPerformanceIndicatorOutlook(%Changevs.PriorYear)2018F– 2019F
Outlook
Metric2018
Forecast2019
Forecast
Supply 2.0% 1.9%
Demand 2.6% 2.1%
Occupancy 0.6% 0.2%
ADR 2.6% 2.4%
RevPAR 3.2% 2.6%
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©2018STR.AllRightsReserved. 632018YearEndRevPARForecastTopNorthAmericanMarkets,Aug2018Forecast(Marketssortedalphabetically)
-5%to0% 0%to5% 5%to10%Houston,TX Anaheim-SantaAna,CA Miami-Hialeah,FLMontreal,QC Atlanta, GA Minneapolis-St.Paul,MN-WISt.Louis,MO-IL Boston,MA Toronto,ON
Washington,DC-MD-VA Chicago,IL Vancouver,BCDallas,TXDenver,CODetroit,MI
LosAngeles-LongBeach,CANashville,TN
NewOrleans,LANewYork,NY
Norfolk-VirginiaBeach,VAOahuIsland,HIOrlando,FL
Philadelphia,PA-NJPhoenix,AZSanDiego,CA
SanFrancisco-SanMateo,CASeattle,WA
Tampa-St.Petersburg,FL
Note:RevPARGrowthforecastestimatesareinlocalcurrency
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©2018STR.AllRightsReserved. 642019YearEndRevPARForecastTopNorthAmericanMarkets,Aug2018Forecast(Marketssortedalphabetically)
-5%to0% 0%to5%Minneapolis-St.Paul,MN-WI Anaheim-SantaAna,CA
Atlanta,GABoston,MAChicago, ILDallas,TXDenver,CODetroit,MIHouston,TX
LosAngeles-LongBeach,CAMiami-Hialeah,FLMontreal, QCNashville, TN
New Orleans,LANewYork,NY
Norfolk-VirginiaBeach,VAOahu Island,HIOrlando, FL
Philadelphia,PA-NJPhoenix, AZSanDiego,CA
SanFrancisco-SanMateo,CASeattle, WA
St.Louis,MO-ILTampa-St. Petersburg,FL
Toronto,ONVancouver,BC
Washington,DC-MD-VA Note:RevPARGrowthforecastestimatesareinlocalcurrency
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KeyPerformanceIndicatorOutlook(%Changevs.PriorYear)ForecastYE2018-2019
TulsaMarketOutlook
2018Actual
2019Forecast
Occupancy 54.70.7%
55.51.3%
ADR $80.390.1%
$81.211.0
RevPAR $44.000.7%
$45.032.3%
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KeyPerformanceIndicatorOutlook(%Changevs.PriorYear)ForecastYE2018- 2019
Oklahoma CityMarketOutlook
2018Actual
2019Forecast
Occupancy 63.11.4%
63.71.4%
ADR $84.102.1%
$85.922.2%
RevPAR $53.063.6%
$54.763.2%
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trendingup …demandisgrowingstrong
Demand strong …especiallyinOKCandOklahomaArea
Roomrates growing …currentlygroupcontributinginOKC
Newsupply aboveaverage …willfeelitforafewyears
Thingsaregood…
Travel
Page 68
©2018STR,Inc.AllRightsReserved.Anyreprint,useorrepublicationofallorapartofthispresentationwithoutthepriorwrittenapprovalofSTR,Inc.orSTRGlobal,Ltd.tradingasSTR(collectively“STR”)isstrictlyprohibited.AnysuchreproductionshallspecificallycreditSTRasthesource.ThispresentationisbasedondatacollectedbySTR.Nostrategicadviceormarketingrecommendationisintendedorimplied.
Thank You!
[email protected]
vail_STR
www.linkedin.com/in/VailRoss
Don’tforget2019CHIATraining!!!