The Orlando Resort and Hospitality industry is in for a nice stretch. According to a recent National Report, since the economy has improved, it has given travelers and families more incentive to take the dream vacation at one of the world-famous theme parks and leisure destinations in Orlando, Florida.
Developers looking to build new construction or renovate existing property in the Orlando area are in a good position, taking advantage of the big incline in travelers. Orlando Convention and Visitors Bureau (CVB) announced, “in 2013 visitor volume reached 59.2 million, a recent 27% increase from 2009 and a 3.5 percent jump over 2012. Meanwhile there are currently around 455 hotels in the Orlando metro area with 118,100 rooms. And as of July 2014, year to date occupancy was 77 percent with an average daily rate of $111.17.” The RevPAR (revenue per available room) is projected to grow 7.9 percent in 2015.
Developments in the Orlando area will fuel the tourist market, adding to the revitalization and new dining attractions and shops. This will also give the hospitality industry the opportunity to push up the rates. according to the The American Institute of Architects Consensus Construction Forecast, “The hotel design and construction industry has rebounded and is expected to have a 13.1% spending increase in 2014 and a 9.2% increase in 2015.
“An ever-improving economy, and the favorable relationship between supply and demand, have led to significant growth in both revenues and profits from 2009 to the current year. We expect this trend to continue through 2017,” said R. Mark Woodworth, president of a Hospitality Research Group.
SWET Construction Group understands the unique issues involved in the construction and renovations of the resort and hospitality industry.
We have built scores of luxury hospitality properties in the Southeastern United States. We are just as proud of our renovation projects as we are of our new construction work. We have earned the reputation of meticulous safety and site management, while staying on budget and minimal disturbance to ongoing operations.