COVID-19’s Impact On The Raleigh Hotel Market
By Janet L. Snyder
Prior to the onset of the COVID-19 pandemic, Raleigh was growing rapidly given its high quality of life and status as the state capital of North Carolina. The city has attracted large national and multinational corporations, such as Duke Energy, Citrix, Red Hat, Amazon, IBM, Accenture, and PNC. Downtown Raleigh experienced tremendous growth in recent years, with approximately $1.3 billion in developments from 2015 to 2020. The area has also historically been known for its major academic and healthcare institutions, including Duke University, the University of North Carolina at Chapel Hill, North Carolina State University, Duke University Health System, UNC REX Healthcare, and WakeMed Health & Hospitals. Tourism was at its peak within Wake County in 2019, with tourism tax collections setting a new record, and both hotel occupancy and average daily rate (ADR) registering growth.