PHOENIX: Ready for the Next Super Bowl?
Now that the big game is over, it's never too early to start tailgating for next year at University of Phoenix Stadium. Expect a boost for Phoenix's hotel market. But where does it stand today? It's still tempered, reports LW Hospitality Advisors CEO Dan Lesser. For investors, there's more than enough supply for a couple of years, and scant development is happening in a few small pockets. “It's just not economically viable if you can buy a hotel below replacement cost, and there's no shortage of those properties to be had,” he says. Phoenix occupancies are still running below the national average, Dan says, but the market will—and always does—bounce back. (Can we say the same for the Cardinals?) Bisnow's Phoenix newsletter launched this week; subscribe here.
