Tom York on Business: San Diego hotels poised for recovery from pandemic disruption
Tourism is one of the largest economic sectors in the region, if not the largest. But the industry is still in the post-COVID 19 pandemic recovery process. That’s according to the San Diego County Lodging Association’s 2023 Hotel Economic Forecast, which says hotels are poised to continue their recovery following two years of disruption.
“We’re on the mend, but we’re not over it yet,” said chief executive officer Fred Tayco in a news release. “We are confident that business and convention travelers will make San Diego their favorite destination in 2023, as will leisure travelers in the second half of 2021 and into 2022.”
The organization partnered with the San Diego Tourism Authority and RAR Hospitality to create the 2023 Hotel Economic Forecast. An analysis of the data for 2023 shows that San Diego hotels are likely to see:
There have been fewer tourists overall – compared to the number of epidemics – but those tourists can stay longer. Travelers are choosing San Diego over other California states that have been slow to open.
“The next year could provide a period of transition for San Diego hotels as they adapt to new trends and bring in new employees,” said Nate Kelley, one of the two authors of the 2023 economic report.
The good, the bad and the ugly. The median price of existing single-family homes in California experienced the largest quarter-to-quarter decline in value since the first quarter of 2011, according to the California Association of Realtors in a news release.
However, and this is a big “however,” despite the decline in the median price, the share of families in California who could afford a median-priced condo or townhome continued to decline from last year as the cost of borrowing continued to rise. following the Federal Reserve’s rate hike.
Here in Southern California, affordability has increased in San Diego and other counties outside of Los Angeles. In San Diego, the ability to climb rose 1 percent to 15% in the third quarter from 14% in the second quarter, but was below the third quarter 2021 rate of 23%.
Across California, the share of home buyers who could afford a median-priced, existing single-family home in the third quarter of 2022 rose slightly to 18% from 16% in the second quarter, but fell from 24% in the third quarter. quarter of 2021, according to the Chinyakare Housing Affordability Index.
California had the highest index of 56% in the first quarter of 2012, according to CAR.
The index is considered the most important measure of the well-being of home buyers in the region.
And speaking of real estate, the National Association of Realtors awarded the Greater San Diego Association of Realtors the Gold Global Achievement Program Award.
This program recognizes the most effective organizations of Realtors in the global business. The NAR noted that San Diego has demonstrated a strong level of service to its international members over the past year.
Among recent activities that gained recognition, SDAR hosted a “caravan” of 55 San Diego members and guests to tour properties in Tijuana and Rosarito; held a seminar for 70 San Diego members and guests on collaborating with foreign clients in real estate; and has signed cooperative agreements with more than 20 foreign property groups.
A San Diego business owner featured on the latest episode of ABC’s Shark Tank Friday is enjoying a huge boost in business, according to 10news.com.
The product, Nana Hats, was created by Sean Adler, a local resident. Even his family didn’t know about the deal until the episode happened on November 11, Alder told the media.
The storage device fits over the bananas with a woven silicone cup. Adler said he came up with the idea while wondering what he could do to extend the shelf life of bananas. He said he had tried everything from duct tape to Saran wrap, to tin foil, according to the station.
When the epidemic came, Nana Hats came alive as he had time to work on his product.
He applied to appear on a popular TV show, and when he appeared, he pitched his product to a group of investors.
Adler said that when he made his presentation, the panelists laughed at the idea, but when they heard about his success so far, several wanted money.
Adler found agreement with panelists Lori Greiner and Peter Jones.
Local utility San Diego Gas & Electric and General Motors have signed an agreement to explore the integration of electric vehicles into the electric grid as a local energy source.
Following GM’s announcement of a new business unit, GM Energy, this study will examine the hardware, software, processes and architectural considerations needed to accelerate the widespread adoption of vehicle-to-grid connectivity capabilities.
Under the new agreement, GM and SDG&E will study three VGI capabilities: car-home, car-to-grid, and a specific power plant, which can increase shared energy resources such as EVs, batteries and chargers to help the grid meet the needs.
GM Vice President Travis Hester said, “As GM continues its journey toward an electric future, expanding the capabilities of EVs represents a significant opportunity to help strengthen grid resilience and mitigate disruptions.”
On average, cars are parked for 95% of their useful life, according to research by UCLA professor Donald Shoup.
California is home to 1.2 million EVs, the largest concentration in the country. Beginning in 2035, all new cars and trucks sold in California must be zero-emission.
Finally…San Diego-based Planet Based Foods, which uses hemp as an ingredient in its meat products, has signed a deal with grocer Kroger.
The meat product maker said in a press release that the new Southwest Taquitos and Original Taquitos, as well as the Green Chili Southwest Hemp Burger, can be found in 700 Kroger stores across the West.
The local company is a unit of Planet Based Foods Global, which is publicly traded over the counter, as well as on exchanges in Canada and Germany.
Tom York is a Carlsbad-based freelance journalist who writes about business and economics. If you have news tips you’d like to share, send them to firstname.lastname@example.org.