Even as hotel construction gathers pace all over the United States, Texas is the winner when it comes to the number of hotels being added. Majority of the new hotels outside Los Angeles and New York will open in Texas metropolises of Austin, Dallas and Houston.
Texas' reputation of being a developer friendly has played a major role in this commercial construction boom. The specific circumstances of each city have helped to fuel growth. It also helped that the US economy is at present a healthy one. It is natural that the industry enjoyed considerable growth during recent seven years.
According to Daniel Moon of Sam Moon Group, a prominent Texas developer known for constructing hotels and shopping centers in Dallas, this demand has been fueled by population growth and corporate headquarters being relocated to the state. It also helps that there is no paucity of open space where a developer can construct around major cities. The Sam Moon Group is right now constructing a full service hotel- a first for the company, in Plano. The Marriott Renaissance will come up in the metropolitan area of Dallas-Fort Worth.
Lauro Ferroni of JLL, the Chicago-headquartered global real estate research, investment and management firm, the state is looking at gargantuan hotels to be constructed adjacent to the convention centers.
More hotels coming up
Texas has an impressive number of new hotels. Marriott has plans to inaugurate eight hotels in the Austin city area. Seven more hotels are slated to come up in Houston. The Dallas-Fort Worth geographical area will witness an astounding 23 hotel properties coming up. In the planning stages are 92 properties as per Marriott management. Hilton too is not far behind. It also plans to construct about 75 hotels in Texas state. More than 100 hotel projects are in the pipeline for Intercontinental hotels group.
Dallas city has a number of mixed use developments under construction. One area, nicknamed “$5 Billion Mile” is at a comfortable distance from both central part of Dallas and also the Dallas-Fort Worth International Airport. Highlights of the area include Dallas Cowboys headquarters, the indoor stadium and the training center. This area is also inclusive of housing, corporate office space and stores. A total of seven hotels have been slated for construction until now. It helps that all the metropolitan areas have lots of cheap land and few environmental regulations. Approvals are quick as well.