Distressed hotels can be bought at bargain prices and usually need to be renovated
(PRWEB) August 01, 2011
HotelProjectLeads.com which follows the hotel construction industry has seen a dramatic increase in the number of hotel renovation projects.
With business and leisure travel on the rebound owners are sprucing up their hotels to remain competitive and completing deferred maintenance projects that were put off during the economic downturn. “We are now seeing triple the amount of renovation projects we were seeing two or even one year ago,” said managing director Adam Smith. "Now is a great time to buy and invest in a hotel. There are a lot of distressed and bank owned hotels out there that did not make it through the recession. The financially stronger hotel companies are taking advantage of these buying opportunities. Snapping up distressed hotels at bargain prices and renovating them. This is great news for the related construction trades and hotel suppliers. It is sign the hotel industry is getting healthy again.”