HLT Jun 2024 240.000 put
- Reuters
Hotel executives set sights on empty office buildings as supply lags demand
Hotel executives are surveying vacant office and residential buildings in prime locations from the U.S. to China to drive supply growth as financing challenges for new construction hinder efforts to maximize buoyant demand. Hotel supply growth in 2024 is hovering under 1% compared to 30-year averages of 2.5%, but with commercial assets sitting empty around the world, hotel operators are scouting unique conversion opportunities. Marriott, known for its Ritz-Carlton and Sheraton brands, this week announced Project Mid-T in North America, its latest effort to convert existing hotels or commercial assets such as offices into mid-scale hotels at lower costs.
- Zacks
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- Skift
Hilton to Double Lifestyle Portfolio to 700 Hotels
Lifestyle hotels are making up a bigger part of the development pipeline - one way to bring in higher daily rates.
