With about 6,000 new rooms coming to the North Texas market in the next two to three years, hotels in some pockets could be hurting, despite the robust hospitality market in North Texas, says Gatehouse Capital CEO Marty Collins at Bisnow’s 2016 Dallas Economic Forecast Tuesday.
Marty (left, with Wier & Associates’ Neil Anderson, John T. Evans Co’s Walker Hairston and DuWest’s Will Walters) tells us that while that number doesn’t sound daunting compared to multifamily deliveries, it will likely flatten out occupancy.
Marty says another challenge is that despite market demand for mixed-use projects, capital markets are leery of office, bars, hotels and restaurants in a single project. So when a developer is doing a large mixed-use project like the W Hollywood or W Victory Dallas (both Gatehouse projects), they’re difficult, he says, because there are often different lenders on each piece of the project.
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