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 - Industry Analysis Chapter
The multi-billion dollar Hotel Construction industry faced a tough beginning to the five-year period leading to 2015. As the economy began to exit its worst downturn since the Great Depression, discretionary consumer spending and tourism levels remained at near historic lows. Tightening lending criteria further reduced financing options for hotel expansions and construction. Consequently, hotels and motels shelved expansion plans and delayed openings, resulting in a sharp decrease in demand for construction contractors specializing in hotels and motels.
In early 2012, however, the Hotel Construction industry began its recovery, led by building booms in New York and rising occupancy rates at hotels across the nation... purchase to read more