Being Fickling & Company’s newest addition, I am proud to join in on enhancing the company’s success. It is a great pleasure to be with a company that has been around for such a long time and is highly reputable with continuous growth.
I bring to the company over 18 years of hospitality industry experience in the hotel/motel sector. From being a managing partner to an owner, I have in-depth knowledge of this particular sector in the hospitality industry.
Currently a buyer’s market, the hospitality industry has been thriving over the past few years. According to statistics, there are many private equity groups and investors that are buying most of the properties that are $20 million and more. Individual private buyers are actively buying hotels for much smaller deals under $20 million.
Cap rates have gone down by 8% in some urban markets.
The hotel/motel sector is continuing to strengthen and is recovering from the 9/11 disaster. The occupancy rates are at a high point with an ADR growth and Rev Par growth that has been strong as ever.
Steady gains in the economy have allowed many companies nationally to permit more traveling.
As the demand is still there, over the next 2 years the supply will exceed to a surplus of overbuilt hotels which will, in turn, soften the industry’s growth in 2008 and 2009. Also, high construction costs will pressure building of new hotels which may help stabilize the over-supply versus demand. As there is so much growth in this industry and it is currently one of the commercial area’s hottest markets.
I expect to bring the finest customer service skills to serve clients and customers with pride, respect and honesty.
Along with the hospitality industry experience, I intend to serve all aspects of commercial real estate services.
With time and patience, I know I can contribute to the success of Fickling and Company and help take it to the next level.
Hotel/Hospitality Real Estate Specialist
Macon Commercial Office