United Kingdom
United States
Asia Pacific
US hotels to spend USD6.4 billion on renovations this year
Tuesday, 01 Oct, 2015
0
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.
Related News Stories:
TravelMole Editorial Team
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.
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled