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MARCH 14, 2019
2018 marked one of the strongest years for hotel operators and constructors in recent times. However, mixed and somewhat dull forecasts for 2019 has highlighted a range of issues the industry has been facing.
An all-time rising revPAR (Revenue Per Available Room) for nearly eight years in a row (on the contrary to its commonly accepted cycle of seven years) poses an unusual scenario. According to various surveys including Engineering News Record Survey of 2018 (second quarter), the Cushman & Wakefield report and industry experts like Lodging Econometrics predicts that some parts of the construction industry, including the hotel construction industry, could experience a decelerated growth in 2019.
Experts in development and acquisitions have noted that construction prices are not just rising; they are skyrocketing. There is a range of factors contributing to the high costs in addition to posing more challenges in the hotel construction industry.
Amidst these issues, constructors and hoteliers can adopt strategies by thinking outside the box to survive and sustain the competition by effectively managing the cost factor.
In 2019, if you are looking at more than one way to reduce hotel construction costs or have additional questions, we can help. With our own fleet of trucks and trailers, Mobile Modular Portable Storage offers hassle-free container delivery, typically within one business day. Contact one of our representatives today or request a quote.
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