Chris R. Ross
Senior Commercial Agent
Investment/Hospitality Division // NAI Latter & Blum, Inc.
Licensed since 1998, Chris R. Ross has closed on over 1,000 rooms totaling over $200 million in completed transaction valuation. Notable projects include the 182-room Oil & Gas Building, Canopy Hotel; the 185-room Troubadour Hotel at 1111 Gravier Street; the 165-room Cambria Suites by Choice; the 210-room luxury boutique independent NOPSI Hotel; 155-room Saratoga building, Sonesta ES; and the 105-room maritime building of Holiday Inn Club Vacations.
What is the biggest challenge facing your industry in this new normal and how are you adapting?
The biggest challenge for the hospitality brokerage industry is of course COVID-19. The market is expected to have a 20% decrease in valuation on properties, with occupancy expected to improve but rates staying depressed for the next several years. As a result, I have had to “pivot” to doing more overall brokerage, which includes industrial, office and retail. I’m also looking to do more regional hotel brokerage as I expect some transaction opportunities to happen toward the end of this year and the beginning of 2021.
What changes do you see in your industry in the next year?
I see the commercial real estate industry rapidly changing because of consumer access to information. Agents will need to be focused on overall customer service and update market data to service clients. The hospitality market will be affected by the vacation rental properties and their ability to be up and running a lot faster than some of the larger hotels. Most of these properties don’t have staff and can be profitable at a lower rental rate than hotels.
