Destination Hotel Building Boom Not Yet Over

 |  from Building Team Forecast Top Headlines

The rapid development of destination hotels, largely in Nevada, California and Florida, has driven the exceptionally strong hotel building boom in 2004 through 2008. The boom is beginning to slow, but hotels will remain the fastest-growing commercial construction market. Spending will decline from a 66% annual growth rate at the end of 2007 to an expected 31% in 2008 and 12% in 2009. Long-time-ahead reservations will be cancelled in a weak economy and a turnabout is expected for the value of the U.S. dollar.