High-end properties, short-term rentals reshape Hampton Roads hotel industry

High-end properties, short-term rentals reshape Hampton Roads hotel industry
As seen in Inside Business

The recession, high-end properties and Airbnb have reshaped and disrupted the Hampton Roads hotel industry.

From 2004 to 2010, the hotel room supply increased by 16.8 percent. The supply peaked in 2010 and has declined about 7 percent since then, but the number of occupied rooms increased by 10.2 percent during that time.

The diminished number of rooms still drove nominal hotel revenue up from 2015 through 2017 because of higher prices.

Old Dominion University economists Robert McNab and Vinod Agarwal shared the hospitality industry outlook Oct. 2 as part of the 19th annual State of the Region report.

The report says available hotel rooms peaked in 2010 at 39,600. By 2017, available rooms declined to 36,800. Read more.

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