The following is an excerpt from the DFW Real Estate Review‘s “Unlocking the Hotel Boom: What’s the Key to Hospitality Construction in the Dallas Region?” It was originally published in the magazine’s Summer 2017 issue.
When the city of Roanoke announced in late June that it would become home to a new 300-room luxury Peabody Hotel, it was the latest sign that there’s a hotel boom underway in Dallas-Fort Worth.
It’s a boom that will bring scores of new facilities, thousands of new rooms, and jobs for the legions of people hoping to find work in the hospitality industry.
Much of that boom is tied to the region’s growing economy and driven by corporate relocations, but it’s also the result of an industry playing catch-up from previous years’ lack of supply.
The economic growth is visible to all those traveling DFW’s roadways.
“Driving north on the (Dallas North) Tollway, a personal game I play is to count how many cranes I pass,” says Jeff Binford, director of CBRE Hotels’ Consulting.
Binford says he saw upward of 17 cranes at one point, particularly in West Plano and Frisco.
“I’m seeing a lot of activity from folks trying to build in those areas,” Binford says. The boom is the result of new development and corporate relocations, such as Toyota Motor’s new headquarters in Plano.
It’s the same situation in the hotel industry. There are many hotels that opened recently, are in the planning stages, or already are under construction throughout the region.
To get a clear picture on what is happening in the DFW hospitality sector, let’s check into some of the activity underway in the region.
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