5 Things to Know: Atlas Survey Shows Los Angeles Leads California Hotel Construction
Atlas survey shows Los Angles leads California hotel construction: Through the first half of 2019, California new hotel construction continued at a “record-breaking pace,” compared to the same period in 2018, according to Atlas Hospitality Group’s 2019 mid-year California Hotel Development Survey.
A total of 36 hotels opened in the first six months, while 26 opened in the same period in 2018. The number of hotels under construction increased 28%, while the number of new rooms under construction rose 25%. Los Angeles County led the state with 45 hotels, totaling 7,497 rooms, under construction. The largest among those hotels include an AC Hotel and Moxy Hotel, both with 410 rooms.
“Lenders and developers continue to be very bullish on new California hotels, as they see a very positive long-term outlook for the Golden State. They are also encouraged by the states (revenue per available room) increases, as compared to the rest of the country,” the survey states.