Say you're planning to visit Chicago next year and need a place to stay. According to a new Crain's article breaking down the numbers behind the city's hotel boom, you'll be able to choose from more than 2,200 new rooms downtown alone. That staggering figure means you could stay in a different room every night for six years and not see them all.
All these new projects are opening after a banner year for city hoteliers in 2014, fueled by a strong economy, tourism, more downtown development and an increase in business travel. Revenue per available room, a key metric measuring hotel performance, hit $151.85 in the first 11 months of 2014, a 5.2 increase over 2013 and a figure that tops the previous pre-crash high in 2007. But there are fears the wave of new construction that was planned a few years ago may crest, and certainly make the landscape more competitive. In addition to the planned openings of both the new new Loews and Virgin hotels over the next few months, seven other hotels are set to open downtown this year, along with other projects across Chicago.
What's even more impressive is that the boom isn't showing any sings of stopping. New projects for 2016 and 2017 include a Marriot Marquis near McCormick Place (1,200 rooms), Wanda Group hotel (250 rooms), a Gold Coast Viceroy and Conrad near Michigan Avenue (180 and 290 rooms, respectively). It's also concentrating in the Loop; a cluster of five projects are in the works for an area near Michigan Avenue just south of the river. This historic increase in capacity signals a city flexing its economic muscle. And if you're a rock star looking to trash a hotel room after a gig, this may be the town for you.
Construction boom will bring more room at the inns [Crain's]
·Previous Hotel Boom town coverage [Curbed Chicago]