Supply and demand are both athistoric levels, we learned from STR Global chairmanRandy Smith at NYU's annual hospitality conference in NYC this week.Monthly room supply clocked in at nearly148 million roomsin April, a 600,000-room jump in only 10 years. "Room demand is also on a tear at92 millionroom nights a month, anew record," he says.
Chicago is fourth on the list of markets with most hotel rooms under construction, with 3,000 keys in the pipelinethat includes Oxford Capital Group and Cube Capital's 221-room The Godfrey (with a 12k SF rooftop) and Shapack Development and AJ Capital Partners' 40-room Soho House.
)
)
)
)
)
)
)
)
)
)
)
)