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The COVID-19 pandemic delivered a substantial blow to Detroit. However, the city had one of the lowest RevPAR declines in 2020 among the top 25 markets, with only four leisure-oriented markets performing better. Is this a sign of Detroit’s famous resiliency, or was it merely the fact that Metro Detroit had less to lose?
The COVID-19 pandemic has placed at risk the substantial investment of state and local governments in the tourism and hospitality industries. Publicly funded destination marketing organizations (“DMOs”), tourism agencies, and convention centers face budget shortfalls, staffing reductions, and growing financial uncertainty. Targeted federal aid is urgently needed to support DMOs, tourism agencies, and convention centers whose work is critical to the recovery of vital sectors of the US economy.
Hotel development in Detroit continues full steam ahead, even as multiple large-scale residential developments are scaled back due to rising construction costs. Is Downtown Detroit prepared for the next round of hotel development within the Motor City?
Record levels of demand, coupled with Detroit’s improved reputation, have driven hotel developers to the city. Multiple hotel projects in the pipeline are expected to complement the vast amount of development efforts throughout the city.
Wave of New Hotel Supply in Metro Detroit Reflects Improved Economic Fortunes
In response to rising demand for unique designs, developers are turning to adaptive reuse as a means of creating one-of-a-kind hotels. Historic building conversions come with their own sets of challenges, balanced by potential rewards.
New business partnerships, investments in high-tech companies and facilities, and rising hotel demand and average rates point toward a path of growth for Lansing’s economy and hotels.