Making its recovery, Phoenix's hotel market starts to heat up.Â
Post-Recession, individual markets have recovered at their own individual paces. That's been bad news for Phoenix's hotel market, which had a difficult time getting back on its feet.
Fortunately, the city hosted the Super Bowl last year, which gave their tourism industry a boost early in the year. On January 31
st, the day before the Super Bowl, revenue per available room was $324.87, the highest metro Phoenix has ever recorded.
Since then, it's looked like Phoenix's hotel industry is officially on the rebound. Revenue per available room in the local metro market climbed 8.1 percent in Q2, and occupancy rates rose 3.7 percent over the same time period. By August, Phoenix was claiming a 4.9 percent increase in occupancy, pushing it to be one of the top hotel markets in the entire country.
As the numbers continue to climb in Phoenix, developers are looking to the city for their next locations. Currently, 5,370 rooms across 42 properties are under development. 31 of those hotels will begin construction in the next year or are already underway. Five of them are slated to open during 2015.
Upper-midscale and upscale properties dominate these new builds, the former representing 16 of the properties under development while the latter makes up 15 of them.
Are you interested in capitalizing on your local hotel market's growth as the economy makes it rebound? If you are interested in a new build or remodel project,
contact Parkwest General Contractors. Our
hospitality construction services can be used to keep you competitive in your growing market. To have your upcoming construction needs exceed your expectations while staying on time and on budget, call us today.
