United States -  Tampa - St Petersburg

Tampa’s warm weather and relatively inexpensive cost of living are just a couple of the reasons people and companies are relocating to the Tampa Bay area from far and wide. Continued investment by both the public and private sectors is anticipated to set the stage for continued growth. These factors, among others, are driving hotel demand and room-night production, which is leading to an increase in new hotel developments.
 

Tampa remains among the most cost-efficient places to live and do business in the nation, and the greater MSA contains one of the largest financial-services clusters and overall largest office-space communities in Florida. The government/military sector also continues to be one of the region’s major employers, which contributes substantially to the local economy. Development continues in Downtown Tampa; other areas of growth include the neighborhoods surrounding the University of South Florida, as well as the Westshore area. Greater Tampa is home to a myriad of scenic beaches, Busch Gardens Tampa Bay, and the Port of Tampa, a launching point for various cruise-ship operators, which all boost visitation. The overall outlook for Tampa is optimistic due to the abundance of projects occurring throughout the area.

Most of the current hotel development in the city is concentrated in and around Downtown Tampa and the surrounding submarkets. Nearly 1,400 rooms are in various stages of development. The Westshore/Airport market in South Tampa closely follows, with approximately 1,300 rooms under development. Other areas of Tampa, such as Wesley Chapel and Citrus Park, are in the process of developing a number of limited- and select-service hotels. Additionally, the DoubleTree by Hilton Tampa Airport - Westshore is expected to be converted from a hotel to a transportation hub affiliated with Tampa International Airport; according to city officials, the conversion is anticipated to take place within the next five to seven years.

For the prior 12 months (through Q1 '18), 22 properties have sold for a total volume of $259.1m resulting in an average price of $105,232 per room.

* Although the HVI cannot tell you what a particular hotel is worth, it does provide excellent “big picture” data, indicating which market areas are experiencing positive trends, and thus may present good investment opportunities. The HVI for the U.S. is a measure of the strength of the lodging industry as a whole and, specifically, the hospitality investment market. The HVI for the various identified markets can provide a basis to evaluate and compare different geographic regions. For more insight on the limitations and applicability of the HVI, please read the message on the HVI home page by clicking on the graphic at the top of this page.

Change In Value For Market:

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

Tampa - St Petersburg RevPAR Change

Tampa - St Petersburg RevPAR

Year RevPAR
2007 63.98
2008 60.47
2009 51.28
2010 50.42
2011 56.62
2012 62.87
2013 64.55
2014 72.16
2015 82.30
2016 87.49
2017 92.25
2018 (f) 94.54
2019 (f) 94.53
2020 (f) 97.39

For more information, please contact:

John Lancet, MAI
[email protected]
  • +1 305 378-0404 (w)
  • +1 305 502-1167 (m)
Kathy Conroy, MAI
[email protected]
  • +1 305 378-0404 (w)