The Downtown Center Business Improvement District (DCBID) has just released its second quarter Downtown Los Angeles (DTLA) Market Report, and for the sixth straight quarter, hospitality occupancy growth has improved in the market. Occupancy level has increased 69% year-over-year, and revenue per room is also rebounding, rising 135% in the same time period.
In addition to growing occupancy at existing properties, DTLA also welcomed two new hotels during the quarter. Hilton Hotels’ luxury brand Conrad debuted a 305-room property as part of The Grand mixed-use complex and the former NoMad Hotel has been reborn as Hotel Per La, complete with DTLA’s latest rooftop pool bar.
“The second quarter of 2022 was a big shot in the arm to our hospitality market and demonstrates the powerful draw of DTLA even in the face of pandemic uncertainty,” said DCBID President Suzanne Holley. “As our hotels continue to fill and workers return to the office, we’ll experience increasing growth in the retail and food and beverage market as well.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!