Our Hotel Supply Is Uncomfortably Low
HVS senior managing director Suzanne Mellen, a panelist at Bisnow's Hospitality Summit at the Marines' Memorial Club & Hotel on Sept. 30 (register here), has the cool job of appraising hotels and casinos. The demand for hotels is here, but residential developers win out because they can afford to pay more for land. We are never going to get a ton of new hotel supply, she says, and that's a concern when compared to other cities. We are the only city without a Residence Inn and are just getting a Hampton Inn; in Chicago "zillions" of brands proliferate on the select-service side. Since product is slim, there's less motivation to renovate, she says.