Houston forecast: oil prices not pumping hotel demandHouston forecast: oil prices not pumping hotel demandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=106382015-09-29T05:00:00Z2015-09-29T15:00:00Z

​​HOUSTON - The outlook for Houston’s hotel industry is much less glowing than it was during recent years when sky-high oil prices kept occupancy rates at all-time highs and spurred the construction of thousands of new hotel rooms.

The dip in oil prices came as a surprise to the industry, according to PKF Consulting's September 2015 report.​

It has already weakened demand and will continue to do so as up to 10,000 new hotel rooms come to the market across the region in the next two years.

Projections show that the faltering energy industry will have a direct effect on Houston’s hotel industry. 

Occupancies will drop in the next two years, but stabilize in 2017 and see redemption in 2018 and 2019.

PKF's Texas report includes national economic data, national hotel trends, Texas hotel trends, and Houston hotel submarket data.

Houston Chronicle
Houston-The Woodlands-Sugar Land

Click here for​ CBRE's Energy 2015: What l​​ow oil prices mean for commercial real estate​.

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