The tourist industry in Orlando is growing faster than ever. “For 2016, Orlando’s inventory is expected to increase by 0.9 percent, with 1.9 percent growth on top of that in 2017, according to STR, a company that tracks the hotel industry globally,” according to a recent article in the Orlando Sentinel.
Hospitality, hotel, apartments and multi-family construction in the Southeastern United States is becoming smarter and more sophisticated. The article goes on to say:
Luckily for potential tourists, hotels opening in the region in the coming years run the gamut of price point and location. The mix of properties coming to Central Florida also is critical for the continued growth and success of the region, said Michael “Doc” Terry, an associate instructor at the University of Central Florida Rosen College of Hospitality Management.
“We’re finally moving from a smaller, less sophisticated market to a larger in quality and quantity market,” Terry said. “What it’s introducing to our market is more and more of these hotels that have personalities. More so than the existing ones that are out there.”
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.
The region’s high demand for hotels justifies the construction of new hotels, said Marco Manzie, president of Paramount Hospitality Management, but he hopes developers realize they cut into the market by building.
“I think that the new, crisp product is always a cautionary measure, if demand isn’t keeping up with the supply,” he said.
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.