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Mid-priced hotels setting record pace
The mid-market select service hotel sector in the US is poised for a boom, reports Jones Lang LaSalle Hotels.
The hotels which are in between luxury and budget, often offering limited food and beverage service, are on target to match a similar high point in 2005.
“As upper tier properties reach for higher star ratings and thus higher ADR, they’ve left a gap for the lower priced properties in the mid-scale and select service sector,” said Adam McGaughy, a senior vice president for Jones Lang.
Another factor is conversions.
“New brands, such as Aloft and Hyatt Place, and prototypes such as Fairfield Inn, Hampton Inn, Holiday Inn Express and Residence Inns are entering the market and often times the older prototypes are not being renewed,” said Mark von Dwingelo of Jones Lang.
Still another reason is that some hotels built in the 1960s and 70s are being demolished to make way for newer products that better utilize the surrounding land.
A record-breaking year for select service hotel is being projected by the company.
Report by David Wilkening
David
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