LOCATION
Norfolk, Virginia
PROJECT HIGHLIGHTS
Market analysis to review Norfolk’s hotel capacity to meet the current demand
Potential of hotel development opportunities
PROJECT DESCRIPTION
Johnson Consulting was engaged to provide a hotel market study and ad hoc consulting services in order to help the City gain a better understanding of the segments that makeup demand in Downtown Norfolk and to support various downtown hotel development initiatives. Redevelopment efforts have turned Downtown Norfolk into a highly desirable place to live and do business. Norfolk’s revitalization efforts have accelerated and the Downtown area is continually receiving attention from numerous developers who hope to become involved with the redevelopment efforts.
The final study is used as a tool by the City to evaluate risk, analyze the suitability of the proposed hotel product, and evaluate the factors of supply and demand in the market. The analysis serves as policy used by the City to analyze developer proposals and to assess if and how incentives should be structured for projects.
