California Experiences Development Boom

    Last year was a boom time for California’s hotel industry, with the state setting records in terms of sales volume, price per room, and new construction. This era of increased development offers hoteliers strong performance metrics, but at the same time can present roadblocks in the form of more competition for both project dollars and guests. California added 34 new hotels with 4,395 rooms in 2015, and 98 hotels (15,833 rooms) were under construction as of the end of the year. Despite the rapid development growth, hoteliers are not yet concerned about oversupply, as they do not anticipate it to be significantly higher than the long-run average. In addition to high levels of development, total sales volume jumped 87 percent year-over-year to a record $9.5 billion. To read more, click here.

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