This morning, 2021 ULI Fall meeting attendees toured the area surrounding one of the oldest professional ballparks in the United States, Chicago’s Wrigley Field, which has been home to the Chicago Cubs baseball team for more than a century. When the Ricketts family took over Cubs ownership in 2009, it decided not only to rehabilitate the aging stadium, but also to turn a former parking lot next door into a mixed-use entertainment district bringing office, retail, and hotel uses to the area, as well as much-needed open space called Gallagher Way.
ULI MEMBER–ONLY CONTENT: Eight new hotels are now under construction in Chicago’s central business district, totaling about 1,500 new rooms, according to the latest list from STR Group. Developers are also planning to start construction on more than a dozen other new hotel projects, totaling an additional 3,700 new rooms.
Though investor interest in the hospital sector was muted for most of 2020 in response to the uncertainty of the COVID-19 pandemic and global travel, the lodging industry is poised to rebound in 2021, according to JLL Hotels & Hospitality’s annual Hotel Investment Outlook.
ULI MEMBER-ONLY CONTENT: After the lockdown phase of late winter and early spring of 2020, global recovery in the hospitality sector has been showing signs of plateauing in recent months. But some segments of the market are faring better than others across Australia, China, and Japan, said a hospitality expert speaking at the ULI Asia Pacific Leadership Convivium, a ULI full member event held virtually in November.
U.S. real estate economists predict generally improved economic and property market news for the rest of 2020, as well as for the following two years, compared with their forecasts of six months ago, according to the fall 2020 ULI Real Estate Economic Forecast.
ULI MEMBER–ONLY CONTENT: The pandemic has triggered a bigger decline in hotel and resort revenues (measured by revenue per available room) than the previous five economic crises combined, said panelists speaking on the hotel and resort sector outlook during the 2020 ULI Virtual Fall Meeting.
ULI Member-only Content: Distinguished placemakers discuss how resort and recreation developments can adapt to consumers’ changing priorities.
Ian Wilson, senior vice president of nongaming operations and chief operating officer, Marina Bay Sands, addressed the 2019 ULI Asia Pacific Leadership Convivium, explaining how the resort-casino operator uses data in its operations.
New, tech-based companies create temporary apartment hotels, monetize absorption vacancies, and stimulate urban mixed-use projects.
Wise choices in fixtures, finishes, and functions may draw guests’ attention.