The Hotel Thread

JumboBuc said:
The Hotel Buckminster is closing for good.

I can't help but think it will be sold, renovated, and eventually re-opened.
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My understanding is that the ownership group was a first-generation, mom-and-pop operation that bootstrapped its way up from very humble beginnings. Supposedly they were courted on-and-off to go into a development consortium on the parcel(s) with much wealthier developers, but they always declined the pitches... absolute prime location, of course, so, yeah, I'd agree with this speculation.
 
Does anyone know if the building is landmarked or qualifies for landmarking?
 
kmp1284 said:
Boston hotels were performing miserably before things went to crap so I’m doubtful any hotel company would want this.
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It's a good thing they're building so many of them in the Seaport!! ....
 
Pretty sure the Buckminster was slated to be part of Robert Korff's/Mark Development's redevelopment of Kenmore Square.
 
kmp1284 said:
Boston hotels were performing miserably before things went to crap so I’m doubtful any hotel company would want this. Maybe dorms for BU?

www.bisnow.com

Boston Hotels Had The Worst Q4 Of Any Major U.S. Market

A flood of new supply is taking a toll on Boston's hotel industry.
www.bisnow.com www.bisnow.com
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Hmmm....

Occupancy rates in the city dropped 6.5% to 70.3%, average daily rates dropped 5.5% to $192.80, and revenue per available room, or RevPAR — the leading performance metric for the hotel industry — declined 11.6% to $135.46.
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Maybe drop the damn price? An average rate of almost $200 a night is insane.

Reminds me of when 4 Atlantic City casino hotels closed claiming there was no demand...when just the previous month they had been charging $450 a night.
 
Boston hotels are ridiculously over priced but Q4 isn't really a premium set of months to be in Boston.

Also wouldn't surprise me if there was price collusion among the operators.
 
meddlepal said:
Also wouldn't surprise me if there was price collusion among the operators.
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I know nothing about this, but it struck me as a distinct possibility when I thought about it. I mean over and above what the average would be for similar hotel markets. Such as within the Pru-Copley complexes, to include the Hilton.
 
stoweker said:
There is a high operating cost for hotels so at a certain point you can't drop rates any further - keep in mind that you need to clean and turn the rooms, so there's a certain pricing level you won't drop below. Also if demand is slow dropping rate rarely induces demand - you're just collecting less revenue from someone who otherwise would have paid more - with the exception of the super luxury product, hotel demand relative to pricing is pretty inelastic unless you're in a drivetime vacation market (i.e. vegas / LA) where dropping prices might spur some last minute travel.
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This guy gets it. There is no price collusion, it is simply a matter of if they drop the rate any lower, they'll be losing additional money on top of the lowered revenue because they still have to turn over the room for the next night when no one will be staying there. You can't just base it off it rate, the entire industry is dependent upon RevPAR. An average $150 rate at 10% occupancy is a $15 RevPAR...thats $15 of Revenue PER AVAILABLE ROOM. For a 100 room hotel that's $1,500 in revenue for a night. Most major markets are lucky if they are doing 20% occupancy these days, that is why so many hotels have just shut down completely.

Everyone knows how expensive labor, real estate taxes and insurance is these days so just do the math.
 
7_25_21 2.jpg
7/25/21 - Former Beacon Hill Bistro and Hotel building
 
Park Plaza sold, now a Hilton. A little surprising that it makes the cut for the regular Hilton brand with such small rooms.

www.boston.com

The Boston Park Plaza has been sold: It's now a Hilton

The Park Plaza's prior owner said the hotel will likely need significant investment to keep its competitive edge following a 2016 renovation.
www.boston.com
 
And the old Hilton on broad st is now the dagny…a boutique non chain hotel
 
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