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More Developers Abandon Hotel Projects

Published Wednesday, December 17, 2008

In a fresh sign of weakness in the hotel sector, the number of guest rooms abandoned in the construction pipeline rose 75% in November, compared with the same period a year ago, according to Smith Travel Research. A hotel project is deemed abandoned when a developer or banker responsible for a project decides not to pursue it any further. In November, 93,219 hotel rooms were abandoned in various stages of the pipeline, from early or final planning to construction. However, it is rare to abandon rooms once construction has begun, says Jan Freitag, a vice president with Hendersonville, ...

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