2021 expected to surpass 2020 demand
Key Takeaways
- Vaccine distribution will likely normalize travel this year and boost hotel activity
- South Carolina hotel submarkets are recovering with anticipated increased activity during the second and third quarters
- COVID-19 Relief Bill provided financial stabilization to hotel properties
Following a year of travel bans and quarantine and as the vaccine is widely distributed, people are ready to travel for work functions and to vacation destinations, and South Carolina is a hot spot for tourism. Sales have been recently concentrated in economy and mid-scale hotels; however, increased activity and revenue will increase transactional activity within all classes. The overall occupancy rate of 58.6% is higher than it was one year ago and RevPar and ADR continue to increase as vacation season approaches and travel normalizes.
Download the full report
For more information, including the market summary statistics, download the full research report.
Download report