The downtown Detroit hotel market is changing.
A Detroit Free Press article states: "A half-dozen hotel projects have been announced for greater downtown Detroit. Too many?"
Apparently, some people with money think it's a good bet.
JC Reindl and John Gallagher of the Detroit Free Press write:
Now, with downtown's revitalization picking up speed, hoteliers are betting big that there will be more paying guests to fill hundreds of more rooms.
The city's hotel market is in the midst of a growth spurt as developers turn derelict downtown buildings into upscale boutique hotels. As momentum builds, even one former by-the-hour motel is getting cleaned up and renamed to attract a more respectable and deep-pocketed clientele.
Spurred by a rebounding auto industry and convention business, as well as growth in entertainment options, downtown Detroit hotels saw their best performance in years in 2014, hitting an average occupancy rate of about 66%, according to local hospitality officials. The average nightly rate was $115 to $120.
