6-Appendix D-Hunden Hotel Study-(excerpt).pdf

Fort Worth Headquarter Hotel Study

F E B R U A R Y 2 1 , 2 0 2 5

EXCERPTS ONLY

Table of Contents

01 Executive Summary

02 Project Profile

03 Convention Center Performance

04 Economic, Demographic and Tourism Analysis

05 Local Hotel Market Analysis

06 Headquarter Hotel Market Analysis

07 Case Studies

08 Recommendations

09 Demand & Financial Projections

10 Economic, Fiscal and Employment Impacts

Executive Summary

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Future Project Timeline

Phase II schematic design begins. Culture & Tourism debt sold to fund Design Contract and pre-construction ($60 million).

Phase I completed. Culture & Tourism debt sold to fund Phase II construction ($546 million). Phase

II construction begins.

Renovation of “legacy” portion of the FWCC begins.

FWCC expansion and renovation project completed.

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Study Overview

The City of Fort Worth engaged Hunden to conduct a market demand, financial feasibility, and economic impact study for a new headquarter hotel adjacent to the Fort Worth Convention Center (FWCC).

Key Questions:

▪ How does the new FWCC expansion program and projected convention demand impact the need for a headquarter hotel?

▪ How is the local hotel market performing and is there a need for additional hotel supply in downtown Fort Worth?

▪ How is the FWCC currently positioned within its competitive set with its current headquarter hotel and walkable package?

▪ What additional headquarter hotel development is recommended in downtown Fort Worth?

▪ How will the recommended headquarter hotel(s) perform and what economic impacts will it generate?

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With Hunden Partners’ research and professional experience in mind, the average walkable distance for most convention goers is

1,800 feet, or 0.3 miles from a meeting facility.

This distance is used as a benchmark throughout the analysis of Fort Worth’s regional competitive destinations as well as case studies assessed around the country. Currently, the

FWCC has 2,908 walkable hotel rooms.

Fort Worth

Walkability

District Basics:

Total Function Space: 269K SF

Walkable Hotels: 12

Walkable Hotel Rooms: 2,908

Amenities within 0.3-mile Walk:

Restaurants: 20

Bars: 15 Retailers: 11

Total: 46

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Current Committable

Room Blocks

Visit Fort Worth provided Hunden with a breakdown of the current committable room blocks supporting the convention center.

Hunden used the average of the provided room block ranges to quantify the total number of blockable rooms.

▪ The current main convention hotels for the FWCC includes the Omni and Sheraton, both of which are within walking distance of the FWCC.

▪ On average, under 40 percent of this hotel inventory is committed to FWCC events.

▪ Omni’s Room Block Agreement:

▪ Room Block Guidelines for Events 36+ Months Away: Maximum event room block is 80 percent of the inventory of suites and standard guest rooms (494 rooms)

▪ Room Block Guidelines for Events 24–36 Months Away: Maximum event room block is 50 percent of the inventory of suites and standard guest rooms (309 rooms)

Downtown Fort Worth Hotel Product | Average Commitable Room Blocks

Property Name

Distance from CC Room Count

Avg. Room

Block Hotel Class

Omni Fort Worth Hotel 0.1 618 375 Upper Upsc

Fairfield Inn & Suites Fort Worth Downtown/Convention Center 0.1 120 --* Upper Mid

Hampton Inn & Suites Fort Worth Downtown 0.1 245 90 Upper Mid

Kimpton Harper Hotel 0.2 226 75 Upper Upsc

Hilton Fort Worth 0.2 294 125 Upper Upsc

Sheraton Fort Worth Downtown Hotel 0.2 403 225 Upper Upsc

Le Meridien Fort Worth Downtown 0.2 188 40 Upper Upsc

The Ashton 0.3 39 --* Indep

Embassy Suites by Hilton Fort Worth Downtown 0.3 156 35 Upper Upsc

Courtyard Fort Worth Downtown Blackstone 0.3 203 88 Upscale

AC Hotels by Marriott Fort Worth Downtown 0.3 252 125 Upscale

The Sinclair, Autograph Collection 0.3 164 --* Upper Upsc

Total Walkable Hotels 2,908 1,178 aloft Hotel Fort Worth Downtown 0.5 180 65 Upscale

Renaissance The Worthington Fort Worth Hotel 0.5 504 125 Upper Upsc

Total 3,592 1,368 --

*no room block

Source: Visit Fort Worth, Smith Travel Research

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Impacted Groups – Peak

Rooms

The charts to the right show the number of current groups potentially impacted by the convention center expansion, and the attendance and total room nights associated with those events by their peak room requirements.

While the majority of these groups require under 1,000 peak rooms, total potential impact from attendance and total room nights is still significant for events requiring from 1,500 to 2,500 peak rooms, showing the need for additional connected or walkable quality hotel room blocks.

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Target Groups – Peak Rooms

The charts to the right show the number of group targets and prospects, and the attendance and total room nights associated with those events by their peak room requirements.

While the majority of the current events require under 1,000 peak rooms, most groups targeted not only require an expansion of FWCC’s offerings, but a higher peak room amount. Half of these events require 1,501 – 2,000 peak rooms, and they represent the highest share of associated attendance and total room nights. This shows the need for additional HQ hotel supply to be able to accommodate these groups within 1 – 2 properties.

Under 1,000 1,001-1,500 1,501-2,000 2,001-2,500 2,501-3,000 Over 3,000

FWCC Targets - Peak Room Requirements by Event

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Under 1,000 1,001-1,500 1,501-2,000 2,001-2,500 2,501-3,000 Over 3,000

FWCC Targets - Total Attendance & Room Nights by Peak Room Requirements

Total Attendance Total Room Nights

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Meeting/Event Sizes

The graphs to the right display total attendance and peak room data for events held in Texas from 2019–2023, drawn from the Mint+ meetings and group business database.

Approximately 80 percent of all Texas events from 2019 to 2023 had attendance under 1,500. The current ballroom can accommodate approximately 1,500 people, banquet style.

The proposed new 40,000 SF ballroom could have accommodated an additional ten percent of these historical events, or 90 percent of all events.

Approximately 81 percent of all Texas events from 2019 to 2023 had peak rooms under 700, which could be accommodated at an expanded 1,000-room HQ hotel.

Eighty-seven percent of all events had peak rooms under 1,000.

Among Visit Fort Worth (VFW)’s own specific Mint+ group targets across the country, 13 events required exhibit space above what is currently available at the convention center.

These events averaged 220,000 SF of exhibit space, 6,800 total attendees, and approximately 2,100 peak room nights.

These targets show the need for not only additional exhibit space, but also an additional HQ hotel to accommodate future group target needs.

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Texas 2019-23 Number of Events by Total Attendance

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Texas 2019-23 Number of Events by Peak Rooms

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Regional Competitive HQ Hotel Supply

Competitive Environment - HQ Hotels (sorted by room count)

Facility Location Room Count

Total

Function

Space

Exhibit

Space

Ballroom

Space

Largest

Ballroom

Meeting

Space

Meeting

Rooms

Function

Space per

Room

Largest

Ballroom

SF per

Room

Gaylord Texan Resort & Convention Center Grapevine, TX 1,814 346,385 179,520 103,590 39,296 63,275 62 191 22

Hilton Anatole Dallas Dallas, TX 1,610 261,860 73,000 134,165 45,000 54,695 79 163 28

Galt House Hotel Louisville, KY 1,310 117,543 0 60,060 23,331 57,483 35 90 18

Hilton Americas - Houston Houston, TX 1,207 88,366 0 64,833 39,093 23,533 32 73 32

Hyatt Regency Dallas Dallas. TX 1,120 118,202 0 104,090 39,000 14,112 20 106 35

Fairmont Austin Austin, TX 1,048 88,211 0 57,207 31,125 31,004 37 84 30

JW Marriott Austin Austin, TX 1,012 108,473 0 76,322 30,100 32,151 37 107 30

Sheraton Phoenix Downtown Phoenix, AZ 1,003 76,028 0 41,001 27,055 35,027 20 76 27

Grand Hyatt San Antonio River Walk San Antonio, TX 1,003 64,176 0 42,564 26,058 21,612 29 64 26

Omni Dallas Dallas, TX 1,001 71,364 0 52,100 31,704 19,264 21 71 32

Marriott Marquis Houston Houston, TX 1,000 95,359 0 60,715 39,295 34,644 37 95 39

Marriott San Antonio Rivercenter San Antonio, TX 1,000 69,200 0 38,548 38,548 30,652 29 69 39

Hilton Austin Austin, TX 801 126,910 0 41,127 25,245 85,783 41 158 32

Hyatt Regency Phoenix Phoenix, AZ 693 37,787 0 12,392 9,512 25,395 35 55 14

Marriott Louisville Downtown Louisville, KY 620 37,938 0 28,608 18,676 9,330 14 61 30

Omni Louisville Louisville, KY 612 43,629 0 30,466 20,281 13,163 18 71 33

Average 1,053 109,464 15,783 59,237 30,207 34,445 34 96 29

Omni Fort Worth (Current) Fort Worth, TX 618 38,593 0 27,478 18,315 11,115 11 62 30

Difference from Average (435) (70,871) (15,783) (31,759) (11,892) (23,330) (23) (33) 1

Source: Various Facilities, Smith Travel Research

Regional competitive convention centers have headquarter hotels with room counts and a meetings package that are significantly higher than the Fort Worth

Omni. These individual hotels average 1,053 keys and approximately 109,000 SF of function space or 96 SF per key. An expansion of the Omni and/or a new headquarter hotel is needed to provide not only competitive headquarter hotel products, but also the room blocks to meet group peak room requirements within a lower number of hotel properties.

As rising construction costs limited the convention center’s expansion program, a new headquarter hotel provides the opportunity to include additional ballroom and meeting rooms to support both convention center business as well as in-house meetings and event demand.

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Recommendations Rooms

2019 Recommendation

Omni Expansion 400

New HQ Hotel 1,000

Total 1,400

Changes Since 2019

Reduced New Walkable Hotel Need Due to Decrease in New Exhibit Space (351)

Change in Walkable Hotel Rooms (238)

Reduced New Walkable Hotel Need (589)

Current Walkable Hotel Needs 811

Option 1

Omni Expansion 400

New HQ Hotel 600

Total 1,000

Option 2

Omni Expansion -

New HQ Hotel 1,000

Total 1,000

Source: Hunden Partners

Fort Worth Walkable Hotel Analysis

Since Hunden’s 2019 study, the FWCC’s expansion program has been reduced and additional walkable hotel rooms were introduced to the market, reducing the prior determined need for additional walkable hotel supply. However, as Fort Worth continues to flourish, and Texas A&M develops its downtown campus, corporate partnerships, and potential tenant base, additional new downtown hotel and meetings demand will result, increasing the future need for headquarter hotels. Two options are recommended, dependent upon Omni’s future expansion plan.

Omni expansion concept

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Recommended Headquarter Hotel Program

Based on Hunden’s analysis of the local hotel market and regional competitive facilities, development of 1,000 keys is recommended adjacent to the FWCC. Without an Omni expansion, a 1,000-key headquarter hotel is recommended with 100,000 SF of its own function space. If a 400-key expansion of the Omni occurs, a 600-key secondary headquarter hotel is recommended with 51,000 SF of additional ballroom and meeting space.

Under Option 1, a 400-room Omni expansion should include a material increase in new function space due to current deficiencies. New space of 48,000 SF is recommended which aligns with Omni’s proposed 50,000 SF of additional space. In total, both the expanded Omni and proposed new 600-key headquarter hotel would include an average of 85 SF of function space per key.

Under Option 2, without an Omni expansion, a new 1,000-key headquarter hotel is recommended. A hotel of this size provides the opportunity to develop an overall larger ballroom and meetings package that includes a 50,000 SF grand ballroom, which some targeted convention groups need. On average between the Omni and the new headquarter hotel, these two headquarter hotels would offer 86 SF of function space per key.

Under either option, the new 1,000 keys would result in 3,908 total walkable rooms, or 15 hotel rooms per 1,000 SF of exhibit space under the new convention center expansion program. Committable room blocks between the two headquarter hotels is estimated at 80 percent of the 1,600 total rooms, equating to a combined headquarter room block of 1,280 keys. Considering average room blocks provided by other downtown hotels, total estimated blockable rooms for convention center events would total approximately 2,300 rooms, meeting the peak room needs of current outgrowing FWCC customers and most targeted convention groups.

Omni

Existing

Omni

Expansion Total Omni New Build Total

Option 1

Keys 618 400 1,018 600 1,618

Grand Ballroom 18,315 30,000 48,315 24,000 72,315

Junior Ballroom 9,163 0 9,163 12,000 21,163

Meeting 11,115 18,000 29,115 15,000 44,115

Total Function Space 38,593 48,000 86,593 51,000 137,593

SF Per Key 62 120 85 85 85

Option 2

Keys 618 - 618 1,000 1,618

Grand Ballroom 18,315 - 18,315 50,000 68,315

Junior Ballroom 9,163 - 9,163 20,000 29,163

Meeting 11,115 - 11,115 30,000 41,115

Total Function Space 38,593 - 38,593 100,000 138,593

SF Per Key 62 - 62 100 86

Source: Hunden Partners

Fort Worth HQ Hotel Recommendations

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Hotel Projections

The tables to the right show the estimated impact of the convention center expansion and new headquarter hotel supply on hotel performance for the local competitive set of hotels.

While during the ramp-up of the expanded convention center and absorption of the HQ hotel occupancy is projected to decrease, stabilized occupancy for the local competitive set of hotels is projected to increase above

2023 levels by approximately three percent. ADR is also expected to increase over this period, leading to a significant lift in RevPAR for the competitive set. Year 1

RevPAR (2030) for the competitive set is also projected to be higher than 2023 despite temporarily reduced occupancies.

The 1,000 keys are projected to operate at a 29 percent operating margin, leading to an estimated financing gap of approximately $296 million, equating to 42 percent of the estimated costs to develop these keys. Costs to develop the 1,000 keys are estimated at $700,000 / key, or $700 million in total.

Revenues $141,912

Expenses $100,601

Net Operating Income 41,312$

Operating Margin 29%

Construction Cost 700,000$

Supportable Financing 404,000$

Financing Gap 296,000$

Gap % 42%

Source: Hunden Partners

HQ Hotel Stabilized Projections -

Year 4 (000s)

HQ Hotel Comp Set

Comp Set

(2023)

Occupancy 74% 70% 67%

ADR $285 $260 194$

RevPAR 211$ 181$ 129$

Source: Hunden Partners, STR

Stabilized Hotel Projections (Year 4)

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Summary of Impacts

The table to the right outlines the summary of combined net new impacts from the expanded convention center and 1,000 keys of new headquarter hotel supply

Total net new spending is estimated at $6.7 billion over 30 years, with approximately $2.1 billion in net new earnings, supporting approximately 1,150 new full-time equivalent jobs.

City hotel and sales taxes over the 30-year period are estimated at approximately $307 million. Hotel property taxes are estimated at over $230 million, leading to an estimated $537 million in net new City taxes over 30 years, which could be utilized to fund the convention center expansion and headquarter hotel financing gap.

$3.1 million in City sales taxes are estimated from the construction of the facilities, generating over 10,000 temporary jobs in the market.

30-Year Summary of Impacts - Convention Center &

Headquarter Hotel

Net New Spending (millions)

Direct $4,163

Indirect $1,566

Induced $1,030

Total $6,759

Net New Earnings (millions)

From Direct $1,308

From Indirect $460

From Induced $337

Total $2,105

Net New FTE Jobs Actual

From Direct 858

From Indirect 162

From Induced 130

Total 1,150

Capturable Taxes (millions)

Property Tax $230.2

Local Lodging Tax (9%) $183.5

2% Additional HOT $40.8

Tourism Public Improvement District (2%) $40.8

Local Sales Tax (1%) $21.2

Local Transportation District (.5%) $10.6

Local Crime District (.5%) $10.6

Total $537.8

Source: Hunden Strategic Partners

CC Phase II HQ Hotel Combined

Development Cost (millions)

Labor (60%) $364 $420 $784

Materials (40% $242 $280 $522

Total $606 $700 $1,306

Construction Jobs 4,848 5,600 10,448

Materials Purchased in Fort Worth 30% 30% 30%

Taxes (millions)

Local Sales Tax (1%) $0.7 $0.8 $1.6

Local Transportation District (.5%) $0.4 $0.4 $0.8

Local Crime District (.5%) $0.4 $0.4 $0.8

Total $1.5 $1.7 $3.1

Construction Impacts

Project Profile

Convention Center

Performance

Historical Performance

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Events

The tables below outline the number of events and event days at the FWCC from FY 2019–2023. Total events and event days both have made a significant rebound from the COVID-19 pandemic. Conventions have almost completely recovered to pre-pandemic levels, while sports had an increase in total event days when comparing FY 2019 to FY 2023, despite a lower number of events. Conventions and sports encompassed two-thirds of all event days in FY 2023 (excluding internal/city events). Meetings, conferences, and graduations had a material decrease in total event days from FY 2019 to FY 2013. Overall, the FWCC hosted more than 130 external events across more than 300 event days in both FY 2019 and FY 2023.

Event Type FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Convention 54 52 35 50 51

Sporting 22 8 22 15 17

Meeting 22 9 22 23 34

Banquet 13 7 5 11 12

Consumer Show 3 3 1 5 5

Conference 4 1 1 2 4

Graduation 13 3 7 7 4

Family Event 1 1 2 4 3

Trade Show 3 0 5 3 3

Concert 1 0 0 0 1

Religious Service 1 1 3 5 0

Other 1 11 3 3 0

Total 138 96 106 128 134

FWCC Internal Event 398 322 168 336 411

City of Fort Worth 4 8 6 6 9

Combined Total 540 426 280 470 554

Source: Fort Worth Convention Center

Fort Worth Convention Center - Events

Event Type FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Convention 178 82 71 183 164

Sporting 40 21 61 116 48

Meeting 49 7 98 37 39

Banquet 14 5 2 15 12

Consumer Show 9 5 1 15 15

Conference 14 1 1 12 9

Graduation 19 2 3 7 5

Family Event 7 7 1 9 9

Trade Show 7 0 15 4 5

Concert 1 0 0 0 7

Religious Service 1 2 4 5 0

Other 2 80 4 14 0

Total 341 212 261 417 313

FWCC Internal Event 318 321 146 400 337

City of Fort Worth 3 14 9 22 11

Combined Total 662 547 416 839 661

Source: Fort Worth Convention Center

Fort Worth Convention Center - Event Days

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Room Nights

The table to the right shows estimated room nights associated with FWCC convention and sporting events from Visit Fort Worth data.

These events generated an estimate of more than 100,000 room nights in both FY 2019 and FY 2023, with sporting events showing increased demand since the pandemic. With plans to replace the arena, it will be important that the new spaces part of the expansion have the seating capability and capacity needed by many of these sporting groups. As room nights are not tracked for other types of events, total actual room nights generated from the FWCC are higher than 100,000 a year.

A facility of this size, with more than 180,000 SF of exhibit space, should generate around 180,000 hotel room nights annually. Reasons for any sub-optimal room night generation could include a lack of available connected or walkable room blocks, lack of sufficient flexible ballroom and meeting rooms, and a lack of calendar availability — an inability to host simultaneous larger events.

Event Type FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Convention 70,657 21,197 24,262 89,754 63,658

Sports 30,070 23,314 66,891 44,895 40,184

Total 100,727 44,511 91,153 134,649 103,842

Source: Visit Fort Worth

FWCC Estimated Room Nights

Market Demand

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Lost Business

The table below outlines 2019–2024 lost room nights for the FWCC. Approximately 17 percent of lost room nights were for sporting events, with the remainder for meetings. The majority of lost business was due to lack of space availability at the facility, showing the need for the planned expansion of the FWCC due to demand. A lack of or inadequate facilities was another major, related reason for lost business.

Additional exhibit, ballroom, and meeting rooms would help address both the lack of facilities as well as help increase calendar availability.

Hotel room supply and availability was also a reason for lost business. An expanded Omni hotel or new HQ hotel would help to alleviate this cause for lost business. Phases I and II of the Project will also likely lead to additional lost business at least temporarily due to decreased space availability during construction.

Lost Reason 2019 2020 2021 2022 2023 2024 Total %

FWCC Space Not Available 180,713 193,109 216,832 216,971 124,561 92,843 1,025,029 58.9%

FWCC Space Inadequate / Lacking 69,513 104,629 67,083 106,399 72,788 92,899 513,311 29.5%

Hotel Rooms / Space Not Available 0 0 0 199 6,575 84,946 91,720 5.3%

FWCC Construction / Expansion 0 0 0 160 4,359 39,591 44,110 2.5%

Hotel Room / Space Ratio 5,645 12,462 4,057 5,077 5,942 4,366 37,549 2.2%

FWCC Booking Guidelines 5,044 12,343 3,519 3,500 3,035 0 27,441 1.6%

Total 260,915 322,543 291,491 332,306 217,260 314,645 1,739,160 100.0%

Source: Visit Fort Worth

FWCC 2019-24 Lost Business - Total Room Nights

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User Group Interviews: Key Takeaways

Hunden interviewed meeting and event planners, including both potential future users and current clients of the FWCC, to identify key needs for retaining and attracting their groups. Key takeaways include:

▪ Fort Worth’s accessibility, Western culture, authenticity, and walkability make it appealing for large state-wide and national associations.

▪ A lack of walkable hotel rooms downtown, especially during peak periods, limits the market’s competitiveness.

▪ San Antonio and Houston are frequent choices due to their hotel room capacity, but Fort Worth is highly desirable from both a planner and user perspective.

▪ Non-city-wide events currently held in Fort Worth face logistical challenges with meeting spaces spread across the Omni, Sheraton, and the FWCC. The planned FWCC expansion would help consolidate meeting places for events.

▪ Even with FWCC and hotel expansions, some groups need peak room blocks up to 4,500, which would require further hotel development downtown.

▪ Expanding the FWCC and adding to Fort Worth’s walkable headquarter hotel supply would position Fort Worth as a top choice for groups needing peak room blocks of 1,500–2,500 rooms.

Economic, Demographic &

Tourism Analysis

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Economic, Demographic &

Tourism Summary

Local market area characteristics including demographics of the population, a diversified economy, accessibility, and key attractions are key drivers of hotel demand.

Fort Worth is strategically located at the intersection of two major highways, I-35 and

I-30. Downtown Fort Worth’s strategic location, just a 30-minute drive from both

Dallas-Fort Worth International Airport (DFW) and Dallas Love Field Airport, offers strong accessibility for regional and national visitors.

Ease of accessibility is attractive to out-of-state groups.

Accessibility

Fort Worth, Texas, has experienced 33.4 percent population increase since 2010, outpacing the Dallas-FTW-Arlington MSA average of 28.7 percent. The city’s population is projected to increase by an additional 10 percent to nearly 1.1 million residents by

2029. Increases of a locality’s resident and corporate base influence hotel demand.

Population

Drivers of Fort Worth’s economic strength include a diverse industry base supported by a strategic location and ongoing planned institutional development. Notably, Fort Worth caters to a diverse array of groups with its rich

Western heritage at the Fort Worth Stockyards, world-class museums, and state-of-the-art entertainment arenas.

Economic Drivers

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Key Demographic

Statistics

The population of the Fort Worth increased to slightly more than 33.4 percent from 2010 to 2024 and is projected to increase another 10 percent through 2029. This increase surpasses the MSA rate of 28.7 percent from 2010 to 2024.

Fort Worth stands out as a leader in demographic progress, experiencing 23 percent more population increase than Dallas since 2010.

As Fort Worth’s rapid advance gains recognition, the city could experience transformative changes that enhance its economic landscape and cultural appeal. Increased investment may drive new commercial and residential developments, elevating property values, expanding the housing market, and increasing hotel demand. This heightened population rate fosters economic activity and encourages the establishment of new businesses, which can support the convention center and nearby hotels. Enhanced cultural and entertainment options would further enrich Fort

Worth’s appeal as a destination, a vibrant, competitive city on the rise.

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Drive Time

Market Analysis Fort Worth’s centralized location forms an ideal hub for attracting regional visitors. With convenient access to major highways like I-35 and I-30, the Fort Worth Convention Center can attract a diverse array of regional groups and events.

The population of more than over 7.5 million live within a 1-hour drive from Fort Worth. When expanded to a 3-hour drive-time, the population rises to 14.9 million, and more than 32 million live within five hours. A strong drive-time market creates opportunities for increased group business in Fort Worth.

1-Hour

3-Hour

5-Hour

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Air Access

Downtown Fort Worth is conveniently located about a 30-minute drive from both

Dallas-Fort Worth International Airport and

Dallas Love Field Airport.

Among all US airports, DFW was the second busiest airport in terms of enplaned passengers in 2023 behind

Atlanta, serving over over 67 million passengers. While many airports still struggle to reach pre-pandemic passenger levels, DFW has achieved nearly 10 percent growth compared to its pre-pandemic traffic. This increase underscores DFW’s strong position in the travel industry, adapting to and meeting rising demand.

Air access is essential for convention centers as it enhances attendee convenience, attracts more regional and national events, boosts local economic impact, and streamlines event logistics and execution.

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Local Tourism Overview

Fort Worth’s most visited attractions cover various forms of tourism including stadiums, museums, entertainment experiences, and landmarks. More than 30 percent of visits to Fort Worth Stockyards are from more than 50 miles away, demonstrating the venues’ strong appeal to travelers from distant locations and emphasizing the need for sufficient accommodations to support this influx. Dickies Arena attracted 1.7 million visits in 2023, with

28 percent of those traveling from more than 50 miles away to experience the state-of-the-art arena.

Attractions in Fort Worth play a key role in luring groups to the area for meetings and events. With an excess of four million visits from travelers coming from more than 100 miles away, these attractions fuel significant hotel demand. Visitors from farther distances are much more likely to book hotel rooms, driving higher occupancy rates and supporting the local hospitality industry.

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Fort Worth Stockyards Phase II

The historic Fort Worth Stockyards is set to receive a $630 million investment in new mixed-use development, nearly doubling the size of the city’s entertainment district. This second phase of the Fort Worth Heritage Development will add at least 300,000 square feet of new commercial space, three unique hotels totaling 500 rooms, a 295-unit apartment complex, and underground parking garages with approximately 1,300 spaces. The development will also include significant upgrades to the Cowtown Coliseum, a historic venue completed in 1908.

The mixed-use project is slated for completion by December 31, 2032.

The city will acquire two or more of the underground parking garages for a combined total of $126.15 million and will lease them to the developers for a 30-year term, retaining 50 percent of the net parking profits. In addition, the City plans to reimburse up to $15 million in construction costs for upgrades to the Cowtown Coliseum. These improvements will include a new barn structure for herd operations, horse stalls, steer pens, employee facilities, and a covered area for warming up livestock1.

1 Costar

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Texas A&M-Fort Worth Development

Law and Education Building Research and Innovation Building

Texas A&M-Fort Worth plans to expand its campus with a state-of-the-art research and innovation building and an additional law and education facility, slated for completion by 2029. The university’s leadership’s aim is for these developments to enhance programs in law, engineering, nursing, and biotechnology, expected to reach a student enrollment of 800. The expansion is projected to create more than 25,000 jobs and generate more than $3.1 billion in economic activity in Fort Worth. Since Texas A&M’s new campus is adjacent to the FWCC, nearby hotel supply is needed to support these new programs.

The proposed developments will attract a diverse array of cutting-edge industries, including aerospace and aviation innovation, agriculture and food technology, healthcare, media and entertainment, and more. This influx of industries will significantly enhance business and event activity throughout downtown Fort Worth. As these industries expand their footprint in Fort Worth, the Fort Worth Convention Center can anticipate an increasing number of companies nationwide seeking to host events and meetings there, ultimately driving greater demand for hotel accommodations.

Fort Worth

Convention Center

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Local Stakeholder Feedback

Hunden met with representatives from Near Southside, Inc. and Downtown Fort Worth, Inc. to discuss the community’s needs and future development plans.

▪ Downtown Fort Worth is poised for significant growth, with $3.6 billion in investment projects currently in the pipeline. Key areas of focus for redevelopment include Panther Island and Butler Place, where development activity is expected to increase as capital markets stabilize.

▪ Sundance Square’s retail scene is struggling and would benefit from more ground-floor retail and locally-owned restaurants. Adding a mix of national brands and local offerings could help revive the area and increase foot traffic downtown.

▪ There is also a need for more walkable amenities near Sundance Square to attract locals and convention center visitors. Housing is in high demand, with the Deco 969 project bringing 700 new residential units that will increase foot traffic downtown, creating demand for additional amenities to support this growth.

▪ Near Southside, once primarily recognized as a medical district, is now emerging as a vibrant mixed-use area. With 50,000 workers in the district, there is a growing need for additional restaurant and entertainment options to support the workforce.

▪ Another recurring theme in these discussions was the issue of accessibility in Downtown Fort Worth. There is significant demand for enhanced public transit options that serve the CBD, underscoring the need for improved connectivity downtown.

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Implications

▪ Fort Worth’s strong connectivity via I-35 and I-30, along with strong airport access, will continue to fuel population growth, driving the need for more infrastructure, including additional hotel rooms.

▪ As the Fort Worth Convention Center expands, the venue’s ability to accommodate a wider range of groups and events will likely increase, further boosting demand for accommodations and contributing to the city’s continued growth as a premier event destination.

▪ As Fort Worth expands in both size and national prominence, more institutions establish a corporate presence, directly stimulating the local economy and driving greater demand for hotel rooms. This growing corporate base also leads to more business meetings and events, further increasing the need for expanded accommodations to support larger groups.

▪ Fort Worth’s diverse range of attractions continues to draw national travelers and major events. Strong destination appeal can help drive additional convention center and hotel demand.

▪ The addition of an additional headquarter hotel could significantly enhance the local economy by attracting larger events, increasing hotel demand and local consumer spending. This increase in overnight travelers would boost spending in the area, benefiting local businesses, restaurants, and shops.

Local Hotel Market

Analysis

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Historical Supply, Demand, Occupancy, ADR, and RevPar for Fort Worth, TX Hotels

Year

Annual Avg.

Available

Rooms

Available

Room

Nights

Change

Room

Nights Sold

Change

Occupancy

Change ADR

Change RevPar

Change

2018 14,297 5,218,365 - 3,707,649 - 71.1 - $105.88 - $75.22 -

2019 14,725 5,374,690 3.0% 3,701,069 -0.2% 68.9 -3.1% $106.37 0.5% $73.25 -2.6%

2020 14,839 5,416,374 0.8% 2,561,913 -30.8% 61.4 -10.8% $100.14 -5.9% $61.48 -16.1%

2021 16,172 5,902,801 9.0% 3,623,864 41.5% 67.9 10.5% $94.25 -5.9% $63.96 4.0%

2022 16,637 6,072,332 2.9% 3,981,196 9.9% 65.6 -3.4% $116.03 23.1% $79.21 23.8%

2023 16,767 6,119,880 0.8% 4,046,071 1.6% 66.1 0.8% $131.07 13.0% $86.66 9.4%

2024 YTD (August) 16,998 4,147,624 2.2% 2,783,392 1.6% 67.1 -0.6% $135.31 5.2% $90.81 4.6%

CAGR 2018-23 3.5% 3.5% 1.8% -1.4% 4.8% 3.0%

Source: Smith Travel Research, Hunden Partners

Citywide Hotel Performance

Hunden received citywide Smith

Travel Research hotel data for Fort Worth. The data provide an overview of the hotel market in the city.

In 2023, Fort Worth offered 6.1 million room nights, a 0.8 percent increase year-over-year, with an occupancy rate of 66 percent, also up by 0.8 percent. Average daily rate (ADR) rose 13 percent to $131.07 from 2022 to 2023.

As of August 2024, the city’s YTD occupancy rate was 67.1 percent, slightly lower year-over-year, while rates increased to $135.31 or approximately five percent year-over-year.

2023 Citywide Hotel Occupancy

66.1% 2023 Citywide ADR

$131.07

Room Supply CAGR (2018 – 2023)

3.5%

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Recent & Under Construction

Developments

Fort Worth, TX | Recently Opened and Under Construction Hotel Development

Property Name Status Rooms Hotel Class

Open / Expected

Completion Date In PFZ?

Distance from CC

(mi)

The Crescent Hotel, Fort Worth Recently Opened 200 Luxury Nov-23 Yes 2.2

Bowie House, Auberge Resorts Collection Recently Opened 106 Luxury Dec-23 Yes 2.7

Home2 Suites by Hilton Fort Worth Arlington West Recently Opened 109 Upper Midscale Dec-23 No 9.9

Avid Fort Worth Downtown Recently Opened 104 Midscale Mar-24 Yes 0.8

Parkside So7 Serviced Apartments Recently Opened 24 Upper Midscale Jul-24 Yes 1.4

Clarion Pointe Fort Worth Recently Opened 53 Upper Midscale Jul-24 No 6.9

Le Meridien Fort Worth Downtown Recently Opened 188 Upper Upscale Aug-24 Yes 0.2

Fairfield Inn & Suites Fort Worth Alliance Airport Recently Opened 87 Upper Midscale Sep-24 No 16.4

NW Loop 820 Hotel Under Construction 100 Economy Nov-24 No 7.1

The Nobleman Fort Worth, Tapestry Collection by Hilton Under Construction 148 Upper Upscale Nov-24 Yes 0.8

Tru by Hilton Fort Worth Lake Worth Under Construction 70 Midscale Nov-24 No 15.2

Home2 Suites by Hilton Fort Worth Lake Worth Under Construction 85 Upper Midscale Nov-24 No 15.2 stayAPT Suites - Fort Worth Under Construction 88 Midscale Dec-24 No 8.1

Hampton Inn & Suites Lake Worth Under Construction 85 Upper Midscale Feb-25 No 7.1

Holiday Inn Fort Worth TX Under Construction 92 Upper Midscale Mar-25 No 8.6

Comfort Suites Fort Worth Under Construction 85 Upper Midscale Apr-25 Yes 2.8

Sandman Signature Fort Worth Downtown Hotel Temporarily Closed 245 Upper Upscale May-25 Yes 0.2

Cambria Hotel Fort Worth Under Construction 139 Upscale Nov-25 Yes 1.7

Total / Average -- 2,008 -- Sep-24 --

Source: CoStar

Eight hotels have opened in 2023–2024 YTD in Fort Worth, five within three miles of the convention center (PFZ). Nine more hotels are under construction, set for completion between

2024 and 2025, with three located in the PFZ. While new hotel development is ongoing within the PFZ, these hotels are not walkable to the convention center and are not sizable enough to allow for material room blocks to meet the needs of larger convention groups.

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The Omni Fort Worth is a 618-key hotel with 38,593 square feet of function space. A proposed expansion would add 400 keys. Although initial terms for the Omni expansion were agreed upon with the City, rising construction costs require additional public and private funding to advance the project.

Proposed Expansion Details:

▪ Estimated cost: $217 million+

▪ Total key count post-expansion: 1,008

▪ Function space: Minimum 50,000 SF

▪ Restaurant space: Minimum 15,000 SF facing Lancaster Ave

▪ New Parking Garage: Minimum 200 spaces (Omni to operate)

▪ Refresh of existing hotel property

▪ Improvements to surrounding streetscape

▪ Omni financial commitment:

▪ Hotel expansion: $202.3 million

▪ Parking garage: $6 million

▪ Recommended incentives: $53.3 million bond backed by lease revenues from City

Omni Expansion

*early design concept

Hotel Competitive Set Analysis

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There are 12 hotels within the competitive set, which primarily consist of Upscale and Upper Upscale properties that convention groups actively used within downtown Fort Worth.

Ten of the 12 hotel properties are within 0.3 miles of the Fort

Worth Convention Center and considered walkable properties.

Though part of the downtown hotel supply, The Ashton was not included due to its low room count and Le Meridien does not report its performance.

Competitive

Hotel Map

Fort Worth, TX | Local Competitive Hotel Supply List

Property Name

Miles from

Fort Worth CC Room Count Scale

Omni Fort Worth Hotel 0.1 618* Upper Upsc

Fairfield Inn & Suites Fort Worth Downtown/Convention Center 0.1 120 Upper Mid

Hampton Inn & Suites Fort Worth Downtown 0.1 245 Upper Mid

Kimpton Harper Hotel 0.2 226 Upper Upsc

Hilton Fort Worth 0.2 294 Upper Upsc

Sheraton Fort Worth Downtown Hotel 0.2 403 Upper Upsc

Embassy Suites by Hilton Fort Worth Downtown 0.3 156 Upper Upsc

Courtyard Fort Worth Downtown Blackstone 0.3 203 Upscale

AC Hotels by Marriott Fort Worth Downtown 0.3 252 Upscale

The Sinclair, Autograph Collection 0.3 164 Upper Upsc aloft Hotel Fort Worth Downtown 0.5 180 Upscale

Renaissance The Worthington Fort Worth Hotel 0.5 504 Upper Upsc

Average /Total 0.3 3,365 --

*400-room expansion planned

Source: CoStar, Smith Travel Research

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Competitive Set Performance

Hunden analyzed Smith Travel Research data on the competitive set from January 2016 to August 2024. Recent investment led to a

7.6 percent compound annual growth in available room nights from 2016 to 2023.

While occupancy has not returned to pre-pandemic levels, it continues to increase year-over-year. Average daily rates (ADR) have risen, driving the highest RevPAR (product of occupancy and rate) in 2024 over the past eight years. Rising occupancy and ADR indicate rising demand for downtown hotels.

Despite increased new hotel supply over recent years, downtown hotel properties have performed better than overall city supply in terms of both occupancy and rate.

Historical Supply, Demand, Occupancy, ADR, and RevPar for Competitive Hotels

Fort Worth, TX | Competitive Set

Year

Annual Avg.

Available

Rooms

Available

Room

Nights

Change

Room

Nights Sold

Change

Occupancy

Change ADR

Change RevPar

Change

2016 2,200 803,000 -- 562,281 -- 70.0 -- $172.10 -- $120.51 --

2017 2,292 836,580 4.2% 611,429 8.7% 73.1 4.4% $169.64 -1.4% $123.98 2.9%

2018 2,640 963,765 15.2% 710,837 16.3% 73.8 0.9% $168.74 -0.5% $124.46 0.4%

2019 2,772 1,011,929 5.0% 745,534 4.9% 73.7 -0.1% $166.88 -1.1% $122.95 -1.2%

2020 2,861 1,044,097 3.2% 331,731 -55.5% 31.8 -56.9% $154.10 -7.7% $48.96 -60.2%

2021 3,294 1,202,129 15.1% 589,927 77.8% 49.1 54.5% $157.99 2.5% $77.53 58.3%

2022 3,390 1,237,479 2.9% 764,161 29.5% 61.8 25.8% $185.84 17.6% $114.76 48.0%

2023 3,365 1,228,225 -0.7% 821,084 7.4% 66.9 8.3% $193.60 4.2% $129.42 12.8%

2024 YTD (August) 3,365 817,695 0.0% 578,067 4.6% 70.7 4.6% $195.12 2.3% $137.94 7.0%

CAGR (2016-2023) 7.6% 7.6% 6.6% -0.6% 1.8% 1.1%

Source: Smith Travel Research, Hunden Partners

2023 Hotel Occupancy

66.9%

2023 ADR

$193.60

Room Supply CAGR (2016 - 2023)

7.6%

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Both the supply and demand of room nights in the local competitive set increased before the Covid-19 pandemic. After a decrease in demand in 2020, a strong surge of demand followed along with increased supply.

Hotel room demand recovered post-pandemic, with 2023 levels surpassing pre-pandemic figures.

Despite new supply in the market, demand rose, which indicates a healthy and robust lodging market.

Supply & Demand

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The adjacent tables detail the seasonal performance of the local competitive set from January 2016 to August 2024.

As shown, the highest rates occur between January and May, with a significant drop-off in November and December.

The warm Texas winters drive increased travel, which boosts rates. These months are also popular for convention business in the region.

Occupancy trends follow a similar pattern, with the highest levels in February and March.

Seasonality ADR & Occupancy

Max Average Min

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The adjacent tables detail the weekly performance of the local competitive set from September 2023 through August 2024.

Typically, group and corporate travel occurs from Sundays through Thursdays, while leisure travel occupies Fridays and Saturdays. The highest rates in the competitive set are on the weekends, which suggests strong leisure demand.

On average, occupancy is highest both midweek and on weekends, suggesting that a mix of group, corporate, and leisure demand drives the market.

Day of Week ADR & Occupancy

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The adjacent tables detail the weekly performance of the local competitive set by month and day of week from September 2023 through August 2024.

ADR is highest on weekends, and occupancy highest midweek and on weekends.

Overall, April is the highest performing month for the competitive set in both occupancy and rate.

Heat Chart ADR & Occupancy

Occupancy Percent by Day of Week by Month - September 2023 - August 2024

Sunday Monday Tuesday Wednesday Thursday Friday Saturday Avg

Sep - 23 50.2% 59.3% 66.2% 71.4% 64.2% 77.3% 80.9% 67.9%

Oct - 23 51.3% 65.5% 70.7% 70.3% 62.1% 86.0% 92.3% 70.3%

Nov - 23 41.2% 56.5% 62.7% 71.0% 72.6% 77.6% 72.8% 65.4%

Dec - 23 44.5% 40.5% 47.1% 48.6% 56.7% 81.4% 80.8% 58.2%

Jan - 24 43.4% 58.7% 69.8% 70.5% 64.2% 75.9% 76.2% 65.6%

Feb - 24 38.5% 61.7% 77.7% 83.4% 77.1% 81.9% 85.6% 72.4%

Mar - 24 38.7% 71.8% 88.9% 84.7% 69.6% 73.3% 77.7% 71.2%

Apr - 24 59.4% 72.7% 84.5% 87.3% 73.8% 82.9% 87.5% 78.3%

May - 24 53.2% 65.9% 87.9% 87.2% 74.2% 71.5% 82.1% 74.9%

Jun - 24 43.7% 70.0% 78.6% 74.2% 80.6% 79.0% 75.8% 70.9%

Jul - 24 58.0% 60.5% 65.7% 65.3% 63.1% 73.9% 76.8% 65.9%

Aug - 24 49.4% 70.3% 76.8% 72.7% 58.3% 65.1% 74.7% 66.7%

Average 47.4% 62.9% 73.0% 73.8% 68.2% 76.8% 80.0%

Sources: Smith Travel Research

ADR by Day of Week by Month - September 2023 - August 2024

Sunday Monday Tuesday Wednesday Thursday Friday Saturday Avg

Sep - 23 $180 $190 $197 $202 $200 $253 $253 $217

Oct - 23 $192 $198 $201 $196 $187 $218 $235 $206

Nov - 23 $166 $168 $180 $185 $187 $242 $250 $200

Dec - 23 $174 $151 $156 $154 $154 $183 $190 $171

Jan - 24 $176 $188 $197 $195 $198 $214 $213 $199

Feb - 24 $170 $191 $203 $204 $201 $220 $217 $204

Mar - 24 $168 $204 $214 $209 $189 $181 $181 $194

Apr - 24 $201 $217 $226 $220 $206 $215 $223 $217

May - 24 $171 $188 $204 $214 $200 $204 $211 $201

Jun - 24 $170 $190 $197 $189 $197 $195 $182 $189

Jul - 24 $177 $185 $185 $177 $169 $177 $184 $180

Aug - 24 $168 $179 $182 $179 $169 $172 $172 $175

Average $176 $187 $195 $194 $188 $206 $209

Sources: Smith Travel Research

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Unaccommodated room nights are described as excess demand for hotel room nights produced by lodgers who are displaced because they are unable to book a room in the hotel of their choice due to it being sold out.

The adjacent table details the annual estimated unaccommodated room nights.

2017–2019 had the highest estimated unaccommodated room nights at more than

20,000 room nights annually. 2024 year-to-date has outpaced unaccommodated room nights in 2023, suggesting the potential need for additional hotel supply in downtown Fort Worth.

Unaccommodated Room Nights

5,000

10,000

15,000

20,000

25,000

30,000

2016 2017 2018 2019 2020 2021 2022 2023 2024

Estimated Unaccommodated Room Nights

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Hunden interviewed management from several hotel properties in downtown Fort Worth and the surrounding area to better understand the city’s current convention hotel package and how a new headquarter hotel would impact the market. Key takeaways include:

▪ Shift in Corporate Transient Demand: The primary shift in the hotel market post-pandemic has been a decline in corporate transient demand and business travel. Pre-pandemic, local corporations were significant generators of room nights and function space utilization. However, with many companies leaving town, this segment has notably declined. As a result, some properties have shifted their focus to SMERF groups and lower-rated business to fill the gap, especially those that no longer see the same levels of convention center business. While leisure demand has slightly decreased, weekends continue to perform well.

▪ Lack of Downtown Activation: Downtown Fort Worth boasts a highly walkable area near the convention center with strong F&B offerings. However, the market lacks activities and is particularly deficient in retail space. More activation downtown is needed to make it a more attractive destination and to leverage the expanded FWCC.

▪ Ancillary Demand Generators: Secondary demand drivers include Billy Bob’s at the Fort Worth Stockyards and TCU, especially during sporting events or graduations. The Stockyards area is considered a secondary lodging market outside downtown Fort Worth. Previously, Hotel Drover felt compression when citywide events required 700 – 800 peak rooms. Now, compression is only felt when events require 1,000+ rooms, which has become a rare occurrence in the current market.

▪ Challenges with Large Convention Groups: Fort Worth misses out on large convention groups due to the lack of adequate function space at many hotel properties near the FWCC. A new headquarter hotel with approximately 100,000 square feet of function space would allow the ci ty to accommodate larger groups. Additionally, meeting planners face challenges in having to spread room blocks across multiple properties, which is i nefficient and undesirable.

▪ Fort Worth's Position in the Convention Market: Fort Worth is currently considered a second-tier convention market. To elevate the city to first-tier status, a new headquarter hotel must be developed in conjunction with the ongoing FWCC expansion efforts.

▪ Positive Impact of a New Headquarter Hotel: Hoteliers reported that a new headquarter hotel may temporarily divert some business from local hotels but will likely help attract larger groups to the market. This would create spillover effects, benefitting other hotels and contributing to healthy market compression overall.

A new headquarter hotel would ultimately support overall market growth.

Interviews & Feedback Hoteliers

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▪ Both occupancy and rates within the competitive set have increased year-over-year, which indicates a healthy and growing lodging market.

▪ Downtown properties outperform the city's overall hotel supply in terms of both occupancy and rate.

▪ Unaccommodated demand in Fort Worth continues to rise, with 2024 year-to-date surpassing 2023. This highlights the potential need for additional hotel supply.

▪ New select-service hotels under construction have modest room counts and will not address the need for large peak room blocks in the market.

▪ A new headquarter hotel may temporarily divert some business from local properties but will attract larger groups, leading to spillover benefits for other hotels and supporting market growth through healthy compression.

Headquarter Hotel

Market Analysis

Fort Worth Convention

Destination Summary

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With Hunden Partners’ research and professional experience in mind, the average walkable distance for most convention goers is 1,800 feet, or 0.3 miles from a meeting facility. This distance is used as a benchmark throughout the analysis of Fort

Worth’s regional competitive destinations as well as case studies assessed around the country. Currently, the FWCC has 2,908 walkable hotel rooms.

Fort Worth

Walkability

District Basics:

Total Function Space: 269K SF

Walkable Hotels: 12

Walkable Hotel Rooms: 2,908

Amenities within 0.3-mile Walk:

Restaurants: 20

Bars: 15 Retailers: 11

Total: 46

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Image credit: website image

Image credit: website image

Downtown Fort Worth

& Stockyards

Fort Worth has several amenities for visitors. Although the walkable area surrounding the convention center lacks the most authentic, compelling offerings, the vicinity does contain nice plazas and restaurants. Convention and meetings visitors seeking an authentic Fort Worth experience must drive approximately three miles to the

Fort Worth Stockyards, an authentically historic district that has undergone recent growth and development, such as the Hotel Drover pictured on the bottom right.

Fort Worth Stockyards (3.1 miles from CC) Hotel Drover in the FW StockyardsSundance Plaza

Sundance Plaza

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Fort Worth Convention Hotel Package

Omni Fort Worth

Hilton Fort Worth Fairfield Inn &

Suites

Kimpton Harper

Hampton Inn &

Suites

AC Hotel

Sheraton Fort Worth

Downtown

Sundance Plaza

Property Name

Distace from

Fort Worth CC Room Count

Omni Fort Worth Hotel (Current) 0.1 618*

Fairfield Inn & Suites Fort Worth Downtown/Convention Center 0.1 120

Hampton…