2021 expected to surpass 2020 demand
- 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.
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