The article from SFGATE discusses the state of hotel openings in California, particularly in San Francisco, noting a significant decline in new hotels in 2024. While traditional hotel openings have plummeted, the Bay Area sees a rise in a specific hotel type. It highlights investor activity in historical properties and examines the uncertain future of San Francisco's largest hotel, previously affected by mortgage issues. The Atlas Hospitality Group reports a stark 34% drop in hotel openings compared to 2023, emphasizing the general trend of added chain hotels rather than luxurious resorts.
The increased cost of financing hotels, along with a rapid increase in constructions, have made new hotel development very difficult. We see this trend continuing in the near future, one to three years at a minimum.
In 2024, California saw only 35 hotel openings, a drop of 34% from 2023, with the majority being standard chain hotels lacking luxury offerings.
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