With both interstate and international travel reaching record levels, hotels across the country are booming to meet the demand. Hence the results of a recent report by
As a recent article in Hotel News Resource reported:
“The Upscale and Upper Midscale segments continue their dominance of U.S. hotel room construction, accounting for over two-thirds of the industry total,” said Bobby Bowers, senior VP of operations at STR. “August room construction increased by 40 percent or more versus the prior year across all STR Chain Scale segments except the Luxury (-22.7 percent) and the Economy (+5.3 percent) segments. With roughly one-half of final planning rooms in the Upscale and Upper Midscale segments, the two asset classes will likely continue leading U.S. construction activity in the foreseeable future.”
Moreover, the largest increase in room under contract – at over 31.8 percent – were among Upper Upscale segments, followed by Upper Midscale at over 22.1 percent and Upscale at over 11.8 percent.
As for rooms under construction, four out of five segments saw increases of over 40 percent: Midscale (over 49.1 percent), Upper Midscale (46.6 percent), Upper Upscale (43.9 percent), and Unaffiliated (40.5 percent).
The data are clear: hotels of all kinds are growing, and the opportunities could not be any greater. If your inn, lodge, or hospitality facility is going to keep up with this competitive industry, you need to be modern, functional, and up-to-date.
Jaguar Hospitality can help. Our Hospitality Renovations Company specializes in maximizing the hospitality potential of all such facilities. With a personalized plan and the latest cutting-edge technologies and methodologies, you are guaranteed the finest Hospitality Renovations imaginable.
To learn more, contact 214-295-3574.
STR Global, which found U.S. hotel construction by 13.5 percent this past August compared to the previous year.