Hospitality, by far, was hit the hardest by the pandemic. Occupancy rates and RevPar (revenue per available room) dropped to record lows as almost everyone stayed home for more than a year. However, with the world opening back up, we’re seeing a huge rebound in this space. In our June 2021 livestream, Chief Investment Officer Ian Formigle broke down how the hospitality space is reacting to the faster-than-anticipated recovery. With travel rebounding quickly, the pricing discounts available to inventors in 2020 are rapidly disappearing, but we suspect that we’ll see a recovery on par with 2019 levels as soon as 2023.
Learn more about our outlook for hospitality real estate in our CRE Market Outlook.
CrowdStreet
Ian is a real estate professional and serial entrepreneur with 24+ years of experience in real estate private equity, startups, and equity and options trading. At CrowdStreet, Ian serves as the key decision-maker for all investments on its Marketplace, totaling over 400 offerings and some $13.7 billion of commercial real estate. Ian is the author of “The Comprehensive Guide to Commercial Real Estate Investing” and he is a contributing author at Forbes.com.
Prior to joining CrowdStreet, Ian was VP of Business Development for ScanlanKemperBard Companies, where he managed the firm’s alternative investment platform and served as a senior acquisitions officer on a team that acquired some $500 million of commercial real estate assets during his tenure. Previously, Ian co-founded and served as CEO of Clarus Property Ventures, a regional real estate private equity firm that focused on multifamily acquisitions. Ian began his career as an equity options market maker and member of the Pacific Exchange. Ian holds a BA in Economics and a BA in Political Science from the University of California at Berkeley and has held numerous securities licenses including Series 7 and 63.
