Growth in hotel occupancy and growth in hospitality construction in the Southeastern United States will continue to rise in 2017. Research from PKF Hospitality Research forecast the demand for hotel accommodations will grow in 2017.
“The fundamental characteristics of the economy remain relatively unchanged, as the labor market continues to improve and GDP growth remains steady if moderate,” said R. Mark Woodworth, senior managing director of PKF-HR.
“Accordingly, our forecasts for demand and average daily rate (ADR) growth remain above the long-run average in both 2016 and 2017.”
In metro areas such as Miami, Orlando, Tampa, Jacksonville, Atlanta, and Charlotte, have become popular tourist attractions and convention destinations. Orlando is one of the most popular tourist destinations, with over 62 million guests visiting the beautiful city every year and 32 million rooms nights sold. The travel industry generates $2.1 trillion dollars every year for our economy.
Atlanta, Georgia had nearly 51 million visitors last year, according to the Atlanta Convention & Visitors Bureau. International guest made up 1.2 million guests, while 49.5 million were domestic visitors.
“With rising room rates and record occupancy levels, many developers are able to get better financing terms, and more projects either are beginning construction or reaching the final planning phase in the development pipeline,” said John B. (Jack) Corgel, Ph.D., the Robert C. Baker professor of real estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR. “Fortunately, demand continues to outpace supply throughout most of the country, and the new construction is not yet a cause for alarm.”
If you are interested in construction or renovation of a hospitality project, now is a great time to invest. Choosing a construction group with the experience and understanding of todays market is vital!
The hospitality business relies on the ability to achieve superior ratings from clients and guests. The guest experience relies on the contraction and interior design for their success.
Whether it is new construction or renovations, at SWET Construction Group we ensure quality design and construction to ensure the maximum value.