U.S. hotel construction spending rose 30 percent year-over-year in November, suggesting a sustained rebound is in place based on developers' confidence.
Hotel construction output lags metrics like occupancy in response to economic conditions. But the slow reaction time also means the development pipeline will likely take far longer to rebound from coronavirus than hotel performance.
Design's importance to travel has taken on a new urgency because of recent events, says Richard Centolella, the pioneering design thinker. We agree, and welcome all the new functionalities.
Hotel builders shouldn't get too optimistic by a record-setting month. It can take as long as a year for economic downturns to reflect in the construction industry.
U.S. hotel companies are facing a shortage of construction workers just as they are building new brands and properties. The result: delayed projects and higher costs. The industry will have to get more aggressive to recruit workers if it plans to keep the momentum going on its expansion plans.