United States -  Columbus

Columbus, located at the confluence of the Scioto and Olentangy Rivers, has served as the state capital since 1816. The city, which is nearly equidistant between Cleveland and Cincinnati, is the largest city in the state. Columbus is a college town, home to The Ohio State University (OSU), and is a major center for financial and healthcare services for the entire Central Ohio region. As the state capital of Ohio, the city enjoys a stable economy, primarily due to the presence of local, state, and federal government entities.

Occupancy and average rate (ADR) in Downtown Columbus are reaching record levels given the strong government, financial, and convention demand. Despite significant supply increases throughout the greater market, occupancy has remained strong, while ADR has grown year-over-year since 2011. The Columbus Convention Center renovation and expansion, which was completed mid-year 2017, should help support an increase in demand going forward.

Recent and ongoing Class-A office space additions and renovations in the Columbus neighborhoods of Grandview Heights, the University District, the Short North, and Upper Arlington are spurring the development of new hotels outside of the CBD, such as a Moxy Hotel and a Graduate Hotel in the Short North. Additionally, the strong demand levels near OSU have spurred significant hotel growth along Olentangy River Road, highlighted by the August 2017 opening of the Marriott OSU/Residence Inn by Marriott dual-branded hotel. Currently, there are nearly 3,500 new hotel rooms in the development pipeline through Greater Columbus. While some of these projects are a bit speculative, several have strong developer backings and financing in place; as such, we anticipate modest occupancy declines in the near term given the entrance of new supply. However, the breadth of employers and companies in the Columbus metropolitan area should continue to bolster the area's long-term performance.

Eleven hotels totaling approximately $162 million in transaction volume have sold since January 2017, including such assets as the Embassy Suites Columbus Dublin (highest total price per key at $164,401) and the Crowne Plaza Columbus Downtown (highest total price paid for $48,996,667).

* 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%

Columbus RevPAR Change

Columbus RevPAR

Year RevPAR
2007 $50.92
2008 $49.27
2009 $42.19
2010 $44.49
2011 $48.51
2012 $53.11
2013 $55.79
2014 $59.34
2015 $64.48
2016 $67.11
2017 $68.19
2018 (f) $69.21
2019 (f) $69.89
2020 (f) $71.30

For more information, please contact:

Stacey Nadolny, MAI
[email protected]
  • +1 419 367-3879 (w)
Meghan (Bean) Larmore
[email protected]
  • +1 734 649-7221 (w)
Brian Arevalo
[email protected]
  • +1 817 680-7666 (w)