Hospitality Boom To Grow Hotel Rooms By 40%
Investors are banking on Portland’s status as a travel destination holding fast. Travel Portland projects there will be at least 40% more hotel rooms by 2020 than the current 7,300 rooms in the central city.
Projects under construction include the 153-room Canopy by Hilton, the 240-room AC Hotel by Marriott, and the 299-room Porter Hotel, each promising a unique vibe to match the city’s.
In 2012, a metro market-impact study found the region lost 847,000 potential room nights over five years from a lack of hospitality infrastructure, The Oregonian reports. However, there is some concern a hospitality downturn could put a metaphorical stick in investors’ spokes. Occupancy rates are climbing. At 71% in 2010, they grew to 80.3% in 2014 and 2015. The question isn’t so much if the hospitality market will dip, but when. [TO]
