New builds, renovation are driving hotel construction spending in U.S.

Data from the U.S. Census Bureau show an increase of nearly 30 percent in hotel construction spending, to $15.2 billion, through July. New-build development is on the rise, with STR data as of September showing 333,775 hotel rooms in the planning, final planning and construction phases. The uptick in construction is also caused by a rise in renovation activity as hotel owners catch up with shelved property improvement projects. Read the HotelNewsNow.com story here.