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County led the state in building new hotel rooms during '06: decline in condo, home construction fuels boom in hospitality industry.

Publication: San Diego Business Journal
Publication Date: 26-FEB-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
If hotel building was a sport, San Diego County would be in a league of its own. Not only did the county finish 2006 with the highest tally of hotel rooms under construction statewide, it surpassed its own 2005 record by a whopping 113 percent.

That's quite a feat, considering that California is experiencing a hotel building boom. Yet the spike in new hotel starts, according to one analyst, is being fueled by lower construction costs resulting from the slump in new housing starts.

"In over 10 years of tracking new hotel development in California, 2006 tops the list for the highest number of hotel rooms we have ever seen under construction," said Alan Reay, a broker and author of the Irvine-based Atlas Hospitality Group's Hotel Development Survey.

"We're seeing the cost of materials go down as demand shrinks for condos and single-family residential construction," Reay said. "There's less pressure...

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