hotel market update
A hotel feasibility study is generally required by the mortgage lender or investor before a developer or organization is able to move forward with constructing a new hotel. Typically completed by an independent third-party consultant who specializes in analyzing hotel projects, a feasibility study determines whether a proposed hotel development is economically feasible and if
Michigan’s economy is growing again, and Grand Rapids is leading the way. Since 2009, Grand Rapids has had the fastest growing regional economy in the state, increasing 29.2% to $58 billion, according to Michigan-based Bridge Magazine. The Metro Grand Rapids area has also been recognized as one of the fastest growing economies in the country.
H&LA’s recent research for a project in Phoenix revealed some exciting new hospitality-related developments happening in the area. These developments will have a major impact on tourism, employment, and the general economy in the Phoenix area. The Arizona Center in downtown Phoenix recently underwent a $25 million renovation, which has improved the complex’s appearance and
H&LA’s recent research for a project in the Houston area of Texas revealed some exciting new hospitality-related developments happening in the area. These developments will have a major impact on tourism, employment, and the general economy in the Houston area. A major theme park complex called the Grand Texas Sports and Entertainment District is now
A diversified and growing economy, robust convention market, growing tourism and increasing population have all contributed to the success of the Dallas-Fort Worth hotel market.