Dayton hotel revenues climbing fast

For the first time in a long while the outlook for hoteliers in the Dayton area is better than in most other markets, based on the latest forecast from CBRE Hotels’ Americas Research.

CBRE predicts the revenue per available room (RevPAR) in the Dayton area will climb nearly 4.5 percent over the next five years — the highest forecasted RevPAR growth for all markets surveyed, including such major markets as Houston, San Francisco and Cincinnati.

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Experts say the projected increase in revenues is tied to the city’s growing medical and tech industries, ongoing activity at Wright Patterson Air Force Base, the location of USAF Medical Center, the Air Force Institute of Technology, and the National Museum of the United States Air Force.

In addition, the emergence of mixed-use developments such as Austin Landing, with restaurants, retail and office space combined, continue to draw business travelers, tourists, and conventioneers to the area, according to Terry Baltes of Baltes Commercial Realty in Dayton.

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Still, Dayton’s ranking at the top of the RevPAR chart came as surprise to the commercial real estate veteran.

“I was shocked when I first saw the report,” Baltes said. “It’s been long time since we could say Dayton had the brightest outlook.”

Dayton is already in the midst of hotel building binge with several new or planned properties coming to the area.

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Recent additions include a new 91-room Springhill Suites by Marriott hotel in the Miller Lane retail area in Butler Twp., and the Staybridge Suites Miamisburg near the Dayton Mall, which is expected to open early next month and is currently accepting reservations.

And for the first time in decades, a new hotel is coming to downtown Dayton — a planned 115-room Fairfield Inn and Suites, which will be part of downtown’s Water Street development.

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