Hotels now account for over one-third of adaptive reuse projects
For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.
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For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.
In the continuous battle against housing shortages and the surplus of vacant buildings, developers are turning their attention to the viability of adaptive reuse for their properties.
As seen in the Q1 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the first quarter, there are 6,065 projects with 702,990 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and a 7% YOY increase in rooms compared to last year.
This $500 million mixed-use development will take up nearly nine blocks.
Travelers are always looking for a home away from home, and the tourist industry needs these vacationers to survive. Creating a winning hotel can benefit everybody, and people will return to your retreat time and time again.
After a slight decline in April, the Architecture Billings Index was up a tenth of a point to 42.9 in May. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. Any score above 50 indicates an increase in billings.