The Texas hospitality sector can expect continued growth this year. Approximately 200 hotels are under construction in the Lone Star State along with another 276 expected to break ground this year. Hurricane Harvey’s displacement of residents and raising Revenue Per Available Room (RevPAR) has the San Antonio hospitality sector taking off.
Occupancy rates are expected to be between 62% and 70% depending on the price of the hotel. While RevPAR, currently sitting at 3.9%, continues to look good for investors thinking of breaking into the San Antonio hospitality sector.
Convention centers lead a long historical demand for corporations looking to host company events in Texas. San Antonio recently passed Austin with the opening of the newly renovated Henry B. Gonzalez Convention Center, a 1.6 million square foot center that allows the Alamo City to compete with the bigger convention centers in Dallas and Houston.
2018 is turning out to be a great year for the San Antonio hospitality market as new investors continue to see the Alamo City as a viable option for their largescale investment projects.