Too many rooms? Lubbock hotel market outpacing demandToo many rooms? Lubbock hotel market outpacing demandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=176552017-09-05T05:00:00Z2017-09-05T15:00:00Z

​​​LUBBOCK – Although the city is welcoming more visitors than ever, Lubbock Economic Development Alliance (LEDA) President and CEO John Osborne says the local hotel industry is currently exceeding demand.

“From what we’ve seen, year to date, is our demand is actually up this year 6.7 percent. So we have more people wanting more rooms,” Osborne said. “The challenge right now is that supply has actually increased 9.8 percent. So supply has actually come on faster than demand has.”

Osborne said there are currently about 6,000 hotel rooms in Lubbock. LEDA has six hotels listed as under construction. These will add around 700 more rooms.

Rob Meyer, Lubbock Hotel Motel Association president and Arbor Inn & Suites owner, said the properties built in the past few years were needed, based on statistics he himself used when building the Arbor Hotel and Conference Center. But now that hotels are continuing to be built, Meyer said there is an oversaturation of the market.

“For us to get to the point where the saturation is over with will take years,” Meyers said. “From my side of the desk, that’s scary.”​

Lubbock Avalanche-Journal
http://lubbockonline.com/news/business/local-news/2017-09-02/room-reservations-lubbock-hotel-boom-outpacing-growing-demandRead more at {Source}

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