Hospitality and leisure

Equipping leaders with leading edge expertise and insights to manage change, navigate complexity, and unlock value.

PwC's Manhattan Lodging Index

While supply growth may have finally peaked, a lack of pricing power remains a concern for the Manhattan lodging market.

Continuing declines in room rates outweighed improving occupancy levels in Manhattan hotels during the third quarter, extending a pattern established last year. Although supply growth appears to have finally peaked, Q3 marks the tenth quarter of declining RevPAR since the beginning of 2015. RevPAR declined 1.1 percent during the quarter and is down 1.3 percent through the first nine months of this year.

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Serving the hospitality and leisure industry

PwC Hospitality & Leisure specialists offer deep sector-specific experience in the hospitality and leisure industry, including:

Lodging

Hotels and other lodging businesses are the most complex types of investments.  Whether placing debt, investing equity or entering into a franchise or management relationship, understanding the underlying dynamics of supply, demand and pricing is critical to making informed decisions.

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Casino Gaming

The casino gaming industry faces unique challenges that impact established entities and those contemplating market entry.

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Convention Centers

Often conceived to support economic growth and development, convention centers typically involve taxpayer investment, with benefits measured in terms of out-of-town visitors, occupied room nights, incremental taxes, and sales.

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Cruise

One of the fastest growing leisure sectors, the cruise industry faces many challenges.

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Marinas

The market for marina facilities is increasing as a result of both consumer demand and the growing number of mixed-use resort projects.

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Travel and Tourism

Rapid growth, increased competition and shifting consumer trends make tourism a demanding industry to navigate.

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Vacation Ownership

A sector once dominated by private developers selling one-week intervals, now includes publicly-traded companies actively developing a full range of offerings at different price points in resort and urban destinations.

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How PwC can help

PwC has a global team of multidisciplinary professionals providing services to the hospitality and leisure industry, including:

Economic impact

Hospitality and leisure businesses have great potential to attract new spending into regional economies.

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Franchise & management selection

Due to complexity, hospitality assets require a high degree of management and marketing expertise. 

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Lease structuring for tax purposes

Regulations related to lodging REITs, unrelated business taxable income (UBTI) and other policies require that “arms-length” leases among ownership entities and their wholly-owned subsidiaries be structure based on revenue from operations and not operating income.

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Litigation & arbitration

Knowledge, experience and efficiency. These three qualities are critical when a hospitality business is facing a legal dispute.

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Asset monitoring

Monitoring hotels, conference centers, resorts and other hospitality and leisure businesses requires a particular base of knowledge and expertise that spans the arenas of management, marketing, payroll, energy, maintenance and capital.

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Market positioning and repositioning

Positioning of a hotel, resort, casino or other hospitality asset is uniquely complex among real estate property types.

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Profit improvement

Beyond competitive supply and area demand, numerous factors directly affect a hospitality asset’s cash flow.

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Research

Making sound decisions, preparing business and strategic plans, defining priorities, interpreting data, evaluating alternatives or preparing prospective estimates – all of these actions are critical and require thorough research using the best data and analytical tools.

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Deals

The intricacies of the hospitality and leisure industry, and the intensely complex nature of operations, fuel the need for sophisticated analysis of the risks and rewards associated with potential investments.

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Valuation

Considered high-risk/high-reward investments, hospitality and leisure assets may be the most challenging type of property to assess.

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Contact us

Steven J. Barr
Consumer Markets Leader
Tel: +1 (415) 498 5190
Email

Eric Shin
Consumer Markets Tax Leader
Tel: +1 (646) 471 0902
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Ron Kinghorn
Consumer Markets Sector Advisory Leader
Tel: +1 (617) 530 5938
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Melissa Palmer
Consumer Markets Assurance Leader
Tel: +1 (617) 530 4473
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