Hotel Building Buoyed National Economic Outlook in April

May 19, 2017 Smart Meetings

Westin Irving Convention Center Las Colinas Hotel

Hotel construction groundbreaking ceremonies were bright spots in the April building report from Dodge Data & Analytics released May 19. Hotel construction starts rose 5 percent from the previous month, according to the report.

Dodge specifically called out the $106 million hotel portion of One Beverly Hills, a mixed-used complex being developed by a partnership of The Wanda Group and The Athens Group, which was also the development partner behind Montage Beverly Hills. The condo-hotel towers will include 134 hotel rooms and could open in 2020.

Also mentioned was the $113 million Westin Irving Convention Center Las Colinas Hotel in Texas with plans for 350 guest rooms to open in late 2018. It will be part of a growing entertainment district that includes a 17-acre Irving Music Factory with 200,000 sq. ft. of restaurant and retail space and a 7,000-seat Live Nation amphitheater.

That increase in hospitality construction starts was an isolated bump up in an overall drop of 13 percent in all categories, for a total of $647 billion, after climbing for three months from what the report called a “lackluster” December.

Almost 1,500 hotel projects, including 190,000 rooms, are currently under construction, according to hotel industry research company STR Global, a more than 24 percent increase from the previous year. That is a lot of cranes in the air in a lot of cities.

The post Hotel Building Buoyed National Economic Outlook in April appeared first on Smart Meetings.

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