Monday, January 19, 2015
Miami ranked fourth in most hotel rooms under construction
Miami-Hialeah market had 3,425 rooms under construction in December
January 15, 2015 10:30AM
- See more at: http://therealdeal.com/miami/blog/2015/01/15/miami-ranked-fourth-in-most-hotel-rooms-under-construction-report-says/#sthash.0xwSfIaN.dpuf
South Florida has the fourth most hotel rooms under construction in the country, according to a hotel data provider.
The Miami-Hialeah market, according to STR, had 3,425 rooms under construction in December.
“The continued tailwind of a recovering U.S. economy has supported strong (revenue-per-available-room) growth across the nation,” Jan Freitag, senior VP of strategic development for STR, said in a statement. “As national and regional occupancy has increased, more developers are finding hotel real estate attractive again, and we are seeing a healthy and unabated increase in new development, mostly in the limited-service sectors.”
There was also a national 31.4-percent increase in rooms in the in-construction phase.
New York reported the most with 13,200 rooms, followed by Houston and Washington, D.C.
“A few cities will feel the brunt of the construction, and it will be interesting to note how hoteliers will react in 2016 as these new hotels open,” Freitag said. — Katherine Kallergis
The Real Deal
South Florida Real Estate News
Posted by www.miamiforrussian.com