SoCal Hospitality Back Too
Another fully revived sector in OC, and the rest of SoCal for that matter, is hospitality. All sectors of hotels are seeing a resurgence here, R.D. Olson Development CEO Bob Olson tells us, though the lower-end market is behind: “Five-star resorts are back in a big way, but they took the biggest hit in the downturn." In the coastal markets, he adds, we’re back to 2007 rate and occupancy, though not adjusted for inflation. (After pigging out on wings and Nachos during the Super Bowl, we also don't like talking about inflation.)
Irvine-based R.D. Olson Development recently broke ground on a five-story, 170-room SpringHill Suites by Marriott in Burbank, the firm’s second hotel in Burbank and its sixth over the last two years. The firm will retain ownership upon completion, with Marriott International providing management.