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Flush with profits, chains invest in hotel renovations.

Publication: Business Travel News
Publication Date: 06-JUN-05 		Format: Online - approximately 1296 words
Delivery: Immediate Online Access

Article Excerpt
Recent room development plans unveiled by Hilton Hotels Corp. and Marriott International indicate that the U.S. hotel market, with strong revenue growth and limited opportunities for new property construction, this year will see an unprecedented boom in renovations and amenity upgrades.

"The industry will spend a record $4.5 billion on renovations and upgrades during this calendar year," said Bjorn Hanson, head of PricewaterhouseCoopers' hospitality and leisure practice. "This does not include additions of rooms or new construction."

"It's been a tough market since 9-11 and I think a lot of them slowed down their renovations," said Earl Foster, senior vice president of Partnership Travel Consulting. "They were always on a cycle with the renovations. Now, it's rebounded--and then some. They're making a profit, a good profit, and they recognize that they need to keep their properties maintained if they want to maintain those profits."

Hilton late last month announced widespread upgrade plans and new room designs for properties within its Hilton Hotels & Resorts portfolio. The company said it would spend more than $500 million to renovate more than 70 hotels throughout the U.S. this year.

In addition to its overhaul of guest...

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