Hospitality is on the Rise in the Southwest
Builders are putting a mint on the pillow at several high-profile hotel and resort projects as they near completion throughout the region.
Nationwide, hotel construction was down a modest 7% in 2007, according to McGraw-Hill Construction Analytics. However, in the first two months of 2008, construction starts have jumped dramatically: 126% in January and 94% in February.
The nation has our region mostly to thank for these higher numbers, as hotel and resort construction continue to boom in the Desert Southwest due to the multitude of megaprojects in Nevada and ample modest-sized projects in Arizona and New Mexico.
As CityCenter construction marches on, new giants like the hotel portion of Echelon and Caesars Palace’s $1.1 billion Octavius Tower are just getting started.
In Arizona, The Sheraton Downtown Phoenix Hotel is rapidly approaching completion, while the $276 million Ritz -Carlton Resort at Dove Mountain near Tucson is just getting underway. Several smaller boutique hotels are also adding depth to the market, such as the $27 million Hotel Monroe in Phoenix and the Aloft Hotel in Tempe, both being constructed by Phoenix’s Summit Builders.
In New Mexico, massive structures are arising from the dirt at the Pueblo of Pojoaque outside of Santa Fe for its $240 million Desert Thunder Resort. The hotel, conference center and casino are being built in conjunction with Hilton Hotels.
This section profiles three projects nearing completion: Encantado in New Mexico, Nevada’s Cannery Eastside and Arizona’s Montelucia.
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