US leads the way in hot hotel development market
The hotel development industry is hitting numbers never seen nor experienced before. Globally there are 14,051 projects in the works, which equates to about 2.3 million rooms.
Making up 40% of the total, the US leads the way with 5,656 projects that are in different phases of development. All of this has been possible due to increased consumer travel and demand for newer properties, low interest rates and borrower-friendly loan terms. Additionally, experts see these same items helping to drive future growth, in spite of recession worries.
In the US, NYC led the way with 166 projects, followed by Dallas (162 projects), LA (158 projects) and Houston (146 projects).
For the full article from ConstructionDive.com, click here: https://www.constructiondive.com/news/us-tops-global-hotel-construction-pipeline/563978/