The City of Chicago received a record number of hotel guests last month, with over 1 million rooms filled during the month of July according to a press release issued by the mayor's office. Tourism powers a huge part of Chicago's economy, and more visitors is a great sign of the economy's growing strength. Year for year, we're up 2.2% in hotel stays compared to 2013. With record-high demand for hotels and low inventory, developers have been scrambling to put together new hotel projects so they can take a slice of that growing market.
Hotels make up a large portion of the recent construction downtown, both with new towers like the Loews Hotel and with historic building conversion projects like at the London Guarantee building. Before you start trying to employ the principle of supply and demand, it turns out that despite the increased number of hotels available, room prices are actually up 4.8% to a record high of $202.61 average daily rate in July.
· More Hotel Boom Town news [Curbed Chicago]