Global hotel construction pipeline hit a 10-year high in 2018, according Lodging Econometrics, a firm which specializes in hotel real estate intelligence. According to the firm’s pipeline report, hotel construction is at its highest since the start of the Great Recession.
Hoteliers have focused on upgrading the guest experience in recent shifts due to changing dynamics within the industry. “Amenities are getting designed early,” said Ed Cettina, CEO, Global Building Construction, AECOM.
Latest trends include the discovery by a growing number of hotels and resorts to form partnerships with third-party restaurateurs that help them create multiple dining options under the same roof.
“Large resorts might have seven to fifteen food and beverage venues,” says Eddie Abeyta, Chief Design Officer, HKS.
On a global scale, lush spas are a must for new four- and five-star properties. In the casino/resort submarket, “there is a trend to capture more overnight stays by offering well-appointed spas for spouses,” says Brent Hughes, Vice President of Operations, C.W. Driver Companies.
Still, fitness and wellness are strong themes in many new developments.
The tourism industry is also undergoing a transformation of purpose. “Tourism is changing,” Voelcker says. “Travelers are looking for destinations where they can touch the community and the lifestyle.” This will require hotel developers and other tourism service providers to adopt a more integrated approach to ROI.