Industry Analysis & Industry Trends
During the recession, occupancy rates fell, and hotels and motels shelved expansion plans and delayed openings, resulting in lower underlying demand for contractors specializing in hotel and motel construction. Occupancy rates and room rates have increased steadily since then, which has helped underpin rising demand for hotel expansions and new construction. As disposable incomes rise and consumers return to spending on hotel stays, demand for construction work on hotels and motels will continue to expand due to rising occupancy rates at existing accommodations.... purchase to read more
Industry Report - Starting a New Business Chapter
Potential entrants into the Hotel Construction industry face a number of hurdles, including the established names and reputations of existing local GCs, the need to hire skilled labor, building relationships with larger contractors and materials suppliers, and the lending environment. Industry operators must also comply with licensing and regulatory requirements that exist in the state. Ensuring compliance with the myriad zoning, building, fire, electrical and plumbing, weight and structural load codes, in addition to personal safety requirements and environmental regulations that govern building sites and materials recovery can add costs to a GC's project expenses.
Starting up in the industry requires relatively low amounts of capital, mostly for purchasing transportation... purchase to read more