Construction Efforts, Redevelopments Create Opportunity

As the hospitality industry steadily recovers post-Covid-19, shifts in room supply, propelled by construction and redevelopment initiatives, are generating additional opportunities across South Carolina, according to Colliers.

The trend of repurposing obsolete hotels into multifamily units has continued to grow with increased support, allowing for an environment in which the hospitality industry can be more innovative and fresh supply can be introduced.

Room supply is positioned to increase as rooms under construction grew to 2,272 rooms in the third quarter of 2023 with 659 rooms expected to be delivered by the end of 2023.

Opportunity and growth for hospitality in South Carolina are expected to continue as performance metrics remained strong at seasonally normal levels for the quarter.

Columbia

A notable surge in construction is underway in the Columbia CBD, showcasing the development of approximately 695 rooms with 317 expected to deliver by the end of 2024. This signifies the most substantial construction pipeline witnessed in over a decade. Despite the typically flat occupancy for this part of the year, the quarter finished with RevPAR (revenue per available room) at $69.33, ADR (average daily rate) at $116.28 and occupancy at 59.60 percent. Activity is expected to decrease in the fourth quarter, however. Columbia traditionally does not have seasonal decreases in performance metrics at the intensity of other markets.

Greenville-Spartanburg

There are 430 rooms under construction made up of four projects underway. The four projects are expected to deliver at a sustainable rate from the second quarter of 2024 to the first quarter of 2025, representing a sizable expansion for hospitality relative to the size of the market. Occupancy for the quarter was stable between 66 percent and 67.7 percent as RevPAR and ADR increased to $78.75 and $119.09, respectively. RevPAR, ADR and occupancy typically remain flatter across the year but decrease from late in the fourth quarter to early in the first quarter.

Charleston

The market continues to attract an increasing number of visitors each year while the construction pipeline remains healthy at 626 rooms. The pace of the deliveries is expected to yield sustainable absorption through the first quarter of 2025. Charleston’s hospitality performance metrics followed the traditional trends for the quarter, softening slightly with respect to RevPAR, ADR and occupancy. RevPAR was $115.18, ADR was $165.03 and occupancy was 69.80 percent at the end of the quarter.

Hilton Head/Beaufort

Hilton Head and Beaufort did not experience the same uptick in construction as the rest of the state. However, RevPAR, ADR and occupancy were all higher at the end of the quarter compared to the same period a year ago. The market maintains interest in its seasonal trends and performance metrics, ending the third quarter with a RevPAR of $136.88, ADR of $214.38 and occupancy of 63.90 percent. Hospitality performance will likely decrease going into the fourth quarter following traditional seasonality trends for the market.

Myrtle Beach

423 rooms are now under construction in Myrtle Beach, one of which accounts for 152 rooms. The Holiday Inn Club Vacations may represent a change in construction trends for the market, potentially indicating a switch away from contracting inventory due to demolition activity outpacing deliveries of new supply. RevPAR, ADR and occupancy decreased for what is typically the slower season for the market. RevPAR was $67.02, ADR was $124.92 and occupancy was 53.70 percent at the end of the quarter.

Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg.

Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and the largest manager of commercial real estate properties in South Carolina with a portfolio of over 18 million square feet of office, industrial, retail and health-care properties.

Publix, Ingles Declare Dividends

The Publix board of directors declared a quarterly dividend of 10 cents per share on its common stock.

The dividend will be paid on Feb. 1, 2024, either through direct deposit or mailed as a check to stockholders of record as of the close of business on Jan. 15, 2024.

Publix, the largest employee-owned company in the U.S. with more than 250,000 associates, operates 1,360 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. 

Meanwhile, Ingles Markets, Incorporated (NASDAQ: IMKTA) said its board of directors declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock.

This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable Jan. 19, 2024, to all shareholders of record on Jan. 12, 2024.

Ingles is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the company operates 198 supermarkets.

In conjunction with its supermarket operations, the company operates neighborhood shopping centers, most of which contain an Ingles supermarket.

The company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers. 

How Are Robocallers Getting Your Phone Number?

Does it ever feel like you’re getting more robocalls than calls from actual humans?

Illegal robocalls aren’t just annoying — they’re also often scams, according to the Federal Trade Commission. But you might be wondering — how did they get my number in the first place?

Sometimes robocalls are random. But sometimes, a company tries to trick you to get your information and sells it, FTC officials say.

Here’s what to do to avoid and report robocalls and scams:

Protect your personal information. Before you enter your personal information on a website, research it. Search the name of the site plus “complaint,” “review,” or “scam.”

Read the fine print. Some websites might have small disclaimers that say if you click a link or check a box, you’re agreeing to having your information collected and sold to other companies.

Know your rights. A robocall trying to sell you something is illegal unless the company has your written permission to call you that way.

Report illegal robocalls. Reporting helps law enforcement and investigators stop illegal robocalls. Report them at DoNotCall.gov.

For more advice on how to stop unwanted calls, check out ftc.gov/calls. Also, learn about Operation Stop Scam Calls, the FTC’s latest joint effort with federal and state law enforcement partners in the fight against robocalls.

Powerful Career Women Share Their Secrets

Girl Scouts of South Carolina-Mountains to Midlands announced that all girls, aged 13 and up, are invited to the Powerful Women Summit on Jan. 20, 2024, in Greenville at the BMW Zentrum.

Girls will learn how successful women blazed trails to lead with confidence so that they can do the same.

This is a girl-only event. Parents are asked to drop their girls at the door. Drop-off begins at 9:15 a.m. The event includes lunch. Pick-up is between 2:00 -2:30 p.m.

Registration is open through this link: http://tinyurl.com/yc7w3f2a. Girl participants are asked to wear appropriate business attire.

Not a Girl Scout? No problem! This event is open to any girl. The cost of the event is $10 for members and $15 for non-members.

There are scholarships available to cover the event. Reach out to [email protected] for scholarship information.

Following the event, girls will have the opportunity to participate in ongoing mentor programs. 

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