Austin Hotel and Hospitality Industry Boom
Posted by Realty Austin on Friday, April 8th, 2011 at 2:37pm.
2009 was a slow year for the Austin hotel industry, so slow, in fact, that it set in motion a City Agenda to focus on fixing it. When hotel occupancy hit an all-time six-year low in 2009 (dropping from 67.4% to 61.1%) along with hotel pricing (average room rates fell from $112.80 to $104.49) Austin City Council convened to start plans to reverse this downward trend. The agenda included the addition of one large hotel in Downtown Austin, just as large as the 800-room Hilton Austin.
Zoning for a new hotel was approved in March. Plans call to keep original building façade in tact by building on top of an existing bar, Sky Lounge. While the hotel only has 130 rooms and limited parking, City Council Members agree that it is one step closer to helping the hotel industry support Austin's tourism and business industries.
Read more about Austin's latest hotel development here.
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Share2 Responses to "Austin Hotel and Hospitality Industry Boom"
It will be nice to see when everyone is back on there feet.
Posted on Wednesday, May 4th, 2011 at 6:45 AM.
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My family are hotel owners and I think it has been a tough economic environment most everywhere. Hopefully 2011 will really pick up.
Posted on Monday, April 11th, 2011 at 5:34 PM.