CBRE Hotels South-Central To Pack Its Bags And Head North
CBRE is moving its hospitality consulting and advisory services for the South-Central U.S. region from Houston to Dallas.
“Dallas is the quintessential location for focusing our services throughout the South-Central U.S. In addition to DFW’s centralized location, transportation hub and growing tourism, Dallas is home to many hotel franchises, representatives, management companies, developers and investors, as well as an essential financial market for our industry. This restructuring will enable us to expand our advisory services to ultimately better serve a broader range of our hotel clients,” CBRE Hotels Director, Consulting, Jeff Binford said in a statement.
The reason Dallas is the quintessential location is simple. Dallas is the busiest, biggest hotel market in Texas.
According to Marcus & Millichap research, Texas has the largest construction pipeline in the nation and out of all the Texas markets, Dallas has the largest pipeline of hotel rooms by far. The data from the second half of 2017 puts Dallas at roughly 8,000 rooms in the pipeline and second place Houston has about 6,000 rooms in its pipeline. The report indicates this may hurt occupancy for a while, but it also says demand remains strong as occupancy in Texas trends in the mid 70% range, well above the national average of around 65%.
CBRE Hotels will work out of 2100 McKinney Ave., a 352K SF, Class-A property in Uptown.
