There is definitely pent-up demand for new product as occupancy in the submarket has been above 78% since 2014 and for each of the last six years, room demand increased 2% and ADR increased 6%-plus.
Alberta Commons, a 25,0000-square-foot shopping district, has come to life with a lineup of anchor tenants and local businesses that have helped connect the community to its past and define its path forward.
Returns have also moderated from an average of 8.8% in 2018, down 30 bps from 9.1% in 2017, according to Hodes Weill & Associates and Cornell University’s annual Institutional Real Estate Allocations Monitor.
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