| In January and February, national demand (150 million rooms, the highest in 20 years) outpaced rooms being built. That, of course, translates to higher occupancy. Smith Travel Research global development SVP Jan Freitag, who's speaking at our first ever Bisnow Lodging Investment Summit in Tysons Corner tomorrow and Thursday, tells us the slow construction pace comes from lenders that are simply scared of anything that's not foolproof and that they're looking extra close at debt-payment ability. Hotel, with its daily turnover, historically has required higher equity to get built anyway. Conservative lending is going to be around for a while, Jan says, but there's a lot of capital waiting to be deployed. The best way to get in first, then, is to be ready with a hefty downpayment. (Best way to make your downpayment hefty: Use quarters.)Bisnow public service announcement: We're beyond excited about BLIS: two days of schmoozing and a whopping 31 hotel pros speaking, including Marriott CEO Arne Sorenson and Choice CEO Steve Joyce. This is gonna be good. Check out our packed agenda and our speakers and register here! |
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