According to a recent report by CoStar Group, large hotel franchise brands are leading the growth in room inventory in Texas. The report highlights the dominance of major hotel chains in the state’s hospitality industry, with brands like Marriott, Hilton, and IHG driving the increase in room supply.
The report notes that these large hotel franchise brands have been expanding their presence in Texas through new developments and acquisitions. This growth is attributed to the strong demand for hotel rooms in the state, fueled by a booming economy and increasing tourism.
Additionally, the report mentions that the growth of room supply is particularly noticeable in major urban markets such as Houston, Dallas, and Austin. These cities have seen a surge in hotel development, with both new hotels and renovations of existing properties contributing to the increase in room inventory.
The report also highlights the impact of the COVID-19 pandemic on the hotel industry in Texas, noting that while occupancy rates took a hit during the height of the pandemic, demand for hotel rooms has been rebounding in recent months.
Overall, the report suggests that large hotel franchise brands will continue to drive room growth in Texas, capitalizing on the state’s strong economic performance and increasing tourism. This trend is expected to benefit both the hotel industry and the overall economy in Texas.
For more information on the growth of room inventory in Texas, the full report by CoStar Group can be accessed on their website.
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