MLB World Series Hotel Impact Study And Final Report Presentation
Please use the attachment “MLB Data Summary for STR trend report” for the final hotel impact study report & presentation. I’ve added the 2005 data if you wish to include data from the 2005 World Series (Chicago White Sox vs. Houston Astros) to compare with the 2016 World Series (Chicago Cubs vs. Cleveland Indians).
I had attached the Chicago Market Forecast that was created at the end of the year. These reports are generated by STR typically every quarter. Click on each tab to get a better understanding of where economists think about the (a) Chicago overall economy, (b) Chicago hotel market, (c) demand for tourism (such as where tourist to Chicago come from), (d) and the macro economic view of the US.
As a side note, this is a forecast for ALL hotels in Chicago, so that means luxury down to economy, and the suburbs and surrounding areas. So you will see really low rates in Jan & Feb due to the low demand for hotels during our very cold season.
This information will help you determine what kind of demand will there be for hotels in Chicago in future years. Should hotels slightly increase prices if we have another world series? If so, does the demand for hotels exceed the new hotel supply that is being built (from the Chicago Pipeline report – and that we reviewed in class last week)?
Be sure to look at the monthly tab to see what they forecast for October. Are economists predicting an increase in occupancy, ADR, and/or RevPAR? This should weigh in on your decision on whether to raise the nightly hotel rate (ADR) or not in future World Series (whether it is the Cubs or the White Sox).
This forecast report is also good for you to review so that you have a better understanding of how Chicago’s economy is projected in the future