Reconstruction & Renovation

2013 will be record year for hotel renovations

Editor's note: This is a sponsored article. All text and images were provided by the sponsor company. The U.S. hotel industry is expected to spend $5.6 billion on capital expenditures this year, exceeding the most recent record of $5.5 billion set in 2008, according to research by Bjorn Hanson, the divisional dean of the Preston Robert Tisch Center for Hospitality, Tourism and Sports Management at New York University. Hanson estimates that one-fifth of hotels will receive such improvements this year—up from 15% in a typical year.
Aug. 26, 2013
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Editor's note: This is a sponsored article. All text and images were provided by the sponsor company.

 

The U.S. hotel industry is expected to spend $5.6 billion on capital expenditures this year, exceeding the most recent record of $5.5 billion set in 2008, according to research by Bjorn Hanson, the divisional dean of the Preston Robert Tisch Center for Hospitality, Tourism and Sports Management at New York University. Hanson estimates that one-fifth of hotels will receive such improvements this year—up from 15% in a typical year.

Investors and management companies that waived spending to offset lower profits in a weak economy are now looking at projections showing a much healthier outlook, Hanson says. Occupancy this year is expected to be at its highest level since 2007, while industry profits will be a record $46 billion, he says.

(http://www.nytimes.com/2013/08/21/realestate/commercial/new-york-hotels-decide-its-time-for-a-makeover.html?ref=business&_r=1&)

About the Author

Drew Ballensky

Drew Ballensky is general manager of Duro-Last Roofing, Inc.’s central U.S. facility in Iowa and company spokesman for Duro-Last’s cool roofing, sustainability and architectural education programs. He is past-president of the Chemical Fabrics and Film Association and chairman of CFFA’s Vinyl Roofing Division. Drew earned his bachelor’s degree in industrial technology from the University of Northern Iowa and master’s degree in business administration from Florida State University. Drew has over 29 years experience in business and industry in various engineering and managerial capacities. He has worked in the U.S. and Canadian operations for a major international manufacturer of pre-engineered steel buildings, was a financial analyst with a major athletic apparel manufacturer and was an owner of a general contracting company.
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