US hotels to spend USD6.4 billion on renovations this year
Wednesday, 01 Oct, 2015
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The US hotel industry will collectively spend nearly $6.4 billion on renovations and upgrades this year, according to report by New York University’s School of Professional Studies.
Many of the country’s big hospitality groups are in the middle of major renovation programs, even as they move to an asset-light strategy, taking advantage of a robust real estate market by offloading properties.
"The expenditures in 2015 still reflect some deferred items from 2009 to 2014 as well as meeting new brand standards, ranging from new or enhanced in-room equipment to redesigned lobbies," the report said.
"In addition to brand standards influencing capital expenditures, social media postings are resulting in additional capital expenditures as owners become more aware of and respond to criticisms and unfavorable comments. This effect became significant starting around 2012 and continues to increase."
Since the slow recovery following the 2008 financial collapse, capital expenditure has steadily risen from a low of $2.7 billion in 2010 to around $6 billion last year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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