Hotel demand has been on a steady upswing for the past three years in the U.S. prompting properties placed firmly in the economy sector to renovate or rebrand slightly higher than in the past.
“In spite of all the conversation, business for us is really good,” said Choice CEO Steve Joyce on Fox Business earlier this week where he described the company’s growth and move into the upscale market.
A basic room at Cambria Suites in Manhattan will be in the low $200 range, which is higher than rates at other Choice hotels (but still a good price for Manhattan).
With 26 properties currently in development, Joyce is very bullish on the growth of the hotel industry.
“We think right now is a great time to build because we think that the hotel business is going to continue to expand for the next couple of years. New York is obviously one of the hottest places in the country and a great place to launch a brand because everyone is here.”
Choice Hotels was also one of 200+ companies to push their dividends before the year’s end. For more from Choice CEO Steve Joyce on potential dividend tax hikes, see below: