21 May Hospitality Market Going Strong
Last week, NYC’s Flank, Inc. announced plans to build a $65 million boutique hotel adjacent to their mid-century condo building, Drayton Towers. There are at least six other new hotels in the works for Savannah’s Historic District, not to mention activity on Tybee Island and the surrounding area.
Chatham County property sales records for 2014 indicate $81,800,000 worth of local hotel transactions. Quite a lot considering the overall size of the Savannah market.
The ‘Hostess City of the South’ is legendary for her hospitality and Savannah is a very popular tourist destination. As the Port and related businesses expand, and the aviation and medical sectors continue to grow, Savannah is seeing an increase in business travelers as well.
And, it’s everywhere…
According to Jones Lang LaSalle, global hotel investment volumes hit $20 Billion in Q1 2015 and are on track to exceed expectations for the year. From Savannah to Stockholm to Seoul, record occupancy rates are keeping the global hospitality market hot.