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Hotel Development Grows Despite Economy |
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The slowing economy is not deterring bullish hotel developers in California, according to a new study of the state's year-to-date hotel development trends. |
The study, by Irvine-based Atlas Hospitality Group, shows that developers opened 4,500 hotel rooms in the that in the first half of this year, nearly four times as many as they did during the first half of 2007.
Along with the increase in the number of rooms that are opening, the number of rooms under construction in the state is rising too. It climbed more than 14% overall in the state to 14,070 rooms for the first half of this year, with that statewide figure representing an increase of 26% to 9,971 rooms in Southern California and a decrease of 7% to 4,098 rooms in Northern California.
One of the most dramatic jumps in rooms under construction is in Los Angeles County, where the number has leaped 241% to a total of 4,558 rooms in 25 hotels in the first half of this year. That compared with 13 hotels totaling 1,336 rooms under construction in the first half of 2007. One reason for the new construction in L.A. is that Los Angeles is one of the strongest hotel markets in the country, according to Alan Reay, president of Atlas.
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Source - GlobeSt.com
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