Topic: Hotel Industry Growth
Though current projects under construction stand at their highest level since 2008, new project announcements and conversions are in decline, according to Lodging Econometrics.
The budget-hotel chain expects to introduce 100 properties over the next five years, including 20 by year's end.
According to the December 2018 edition of "Hotel Horizons," U.S. hotel occupancy will rise to 66.2 percent next year, a fifth straight record level.
A dearth of rooms supply coupled with a shortage of land in Tel Aviv is spurring developers to turn offices and other existing buildings into hotels.
Foreign and domestic traveler number increases along with several hotel chain expansions in Africa reinforce the sector’s potential for growth.
The drop in new hotel supply is keeping New Zealand from reaching its tourism boom.
Hotels in the Middle East reported negative performance as Africa's hotels recorded growth across three key performance metrics.
The region has a total of 6,268 hotel projects with 800,298 guestrooms in the construction pipeline.
The global construction pipeline has increased seven percent from hotel projects year-over-year.
Construction on 80,000 guestrooms is scheduled to be complete in Japan's eight major cities.