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Extraction Summary
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People
7
Organizations
6
Locations
4
Events
0
Relationships
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Quotes
Document Information
Type:
Area analysis report
File Size:
1.77 MB
Summary
This document is a one-page area analysis of the U.S. Virgin Islands, focusing on hotel performance and the housing/property market. It provides hotel metrics (ADR, RevPar, Occupancy) for 2013-2014 and details average home sale prices and market trends on St. Thomas, St. John, and St. Croix from 2007 to 2015. The report also mentions several proposed hotel development projects and the economic impact of the Hovensa refinery closure on St. Croix.
Organizations (7)
| Name | Type | Context |
|---|---|---|
| Smith Travel Research (STR Inc.) |
Source of the hotel performance data and statistics on hotel room stock and pipeline.
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| Embassy Suites |
Brand of a proposed 153-room hotel in the Mahogany Run area.
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| Hyatt Regency |
Brand of a proposed 300-room hotel in Mandal Bay.
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| Hovensa refinery |
A refinery whose closing negatively impacted the housing market on St. Croix.
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| IGY American Yacht Harbor Marina |
Listed in the footer of the document.
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| irr. |
Logo in the footer of the document, likely the firm that produced the report (Integra Realty Resources).
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| HOUSE_OVERSIGHT |
Part of the document identifier in the footer (HOUSE_OVERSIGHT_018827), suggesting it's from a House Oversight Commit...
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Timeline (4 events)
Prior to 2014
Closing of the Hovensa refinery, which impacted the St. Croix housing market.
St. Croix
Hovensa
Prior to 2015
Proposal of a 153-room Embassy Suites hotel in the Mahogany Run area.
Mahogany Run area
Prior to 2015
Prior to 2015
Announcement of a new hotel project on Water Island.
Water Island
Unnamed developers
Locations (6)
| Location | Context |
|---|---|
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Island in the U.S. Virgin Islands analyzed for housing prices and hotel development.
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Island in the U.S. Virgin Islands analyzed for housing prices.
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Island in the U.S. Virgin Islands analyzed for housing prices, affected by the Hovensa refinery closure.
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Location of a proposed Embassy Suites hotel.
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Location of a proposed Hyatt Regency hotel.
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Location of a recently announced hotel project.
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Full Extracted Text
Complete text extracted from the document (2,303 characters)
Area Analysis
17
17
Hotel Performance
$350.00
$330.00
$310.00
$290.00
$270.00
$250.00
$230.00
$210.00
$190.00
$170.00
$150.00
$330.00
$310.00
$290.00
$270.00
$250.00
$230.00
$210.00
$190.00
$170.00
$150.00
74.0%
72.0%
70.0%
68.0%
66.0%
64.0%
62.0%
60.0%
72.0%
70.0%
68.0%
66.0%
64.0%
62.0%
60.0%
ADR
RevPar
Occupancy
RevPar
Occupancy
2013
$307.43
$198.37
64.5%
$307.43
$198.37
64.5%
2014
$308.98
$209.53
67.8%
$308.98
$209.53
67.8%
Source: Smith Travel Research (STR Inc.)
According to STR, there are 453 rooms in the active pipeline, which would add 8.6% to the existing room stock of 4,818 rooms. These projects include the 153-room, proposed Embassy Suites in the mahogany Run area, and the 300-room, proposed Hyatt Regency in Mandal Bay. In addition, a hotel project was recently announced on Water Island; however, the developers have not yet announced a brand or number of proposed rooms.
Housing / Property
As the supply of housing has increased in the last two decades, homeownership rates have also increased, although only slightly. Rates increased 1.9 percentage points between 2000 and 2010, and increased an additional 3.8 percentage points from 2010 to 2012. Average home prices dropped by 11.8 percent in 2008, but then increased in 2009 and 2010 by 4 percent and 12.3 percent, respectively. In 2012, average home prices fell 17.4% and then rebounded in 2013 with an increase of 22.1%. The average sales price in 2013 was $538,369. Presumably, much of the increased supply of new homes and condominiums has gone to non-residents and vacationers. Over the past decade, housing costs have accelerated at a far greater pace than resident incomes, putting home ownership beyond the reach of all but a few relatively wealthy islanders.
In 2013, St. Thomas and St. John had an average home sale price of $713,183, while the average home sale price in St. Croix was $306,083. While prices have not caught up with what they were in 2007, St. Thomas and St. John have seen some recovery in the overall housing market. St. Croix, however, continues to suffer from the closing of the Hovensa refinery. In 2014, the average single family home sales price in St. Croix was $334,167, while in St. Thomas it was $909,839. 2015 year to date averages are show an increase in average single family home price in St. Croix and a decrease in St. Thomas and St. John, with averages of $414,178 and $759,811 respectively.
IGY American Yacht Harbor Marina
irr.
HOUSE_OVERSIGHT_018827
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