Hotel development nosedived in California and the Bay Area in 2024.
disclosed in a new report that the decline involved three types of hotel projects: those being planned, those under construction, and new openings.Here are some of the details of the report from Atlas Hospitality Group:
— Northern California, which includes the Bay Area, added 18 new hotels with 1,849 hotel rooms in 2024. The number of Northern California hotels that came on line in 2024 was down 28% from the 25 hotels that opened in the region in 2023. The total for new hotel rooms that opened in 2024 was down 38.5% from 2023.
“The increased cost of construction, the rise in interest rates, and many lenders pulling away from new hotel construction are continuing to apply downward pressure on new hotel development,” Atlas Hospitality Group stated in its new report. An array of financial obstacles will continue to present the hotel sector with a forbidding landscape.
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