The lodging industry takes a turn for the best, and Walmart tries on a new size
Mar 21, 2014
Here are the news stories you might have missed last week:
The Wall Street Journal: My old convention home
Louisville and Omni Hotels & Resorts entered into an agreement this week to develop a 600-room luxury hotel near Louisville’s downtown convention center, a project that local officials hope will help boost the region’s convention business. The new hotel will be part of a mixed-use development that will also consist of 200 market-rate apartments and 44,000 square feet of retail space. Click over to WSJ.com to read more.
Columbus Business First: Walmart To Go convenience store undergoing market test
From supercenters to street corners, Walmart might soon be the newest name-brand convenience store. The company is reportedly testing a new convenience store concept in its home state of Arkansas, called Walmart To Go, complete with grab-and-go food choices and a gas station. But Walmart isn’t the only big-box retailer trying on a new size, check out BizJournals.com to read more about this trend.
CoStar.com: Lodging supply, demand remain in check as fundamentals rise to pre-recession highs
With a growing number of tourists and business travelers checking in to state-side hotels, the future is looking bright for the U.S. lodging industry. Forecasters predict that the U.S. lodging occupancy rate will reach pre-recession levels this year, with average daily rates (ADR) and revenue per available room (RevPAR) both expected to increase over the next two years. Experts pinpoint the return of group travel as a key contributor to the rise in lodging demand. Read more about the U.S. lodging industry’s most profitable period in history at CoStar.com.
Jacksonville Business Journal: Risky business: 3 reasons why mixed-use real estate projects in Jacksonville struggle to attract equity
While Jacksonville developers want to build mixed-use, urban projects, the inability to secure equity has slowed construction throughout the region. In addition to the innate risk involved in equity, investors still view Jacksonville as a tertiary market, making the region a hard sell. Despite a project’s level of innovation and potential for success, attracting investors stands as the major roadblock for eager area developers. Visit BizJournals.com to read more.
Posted by: Raymond T. Cirz