While developing a new hotel in California was already a challenge, the lasting effects of the pandemic and rising costs to build and finance projects have further hampered development in the state.
Atlas Hospitality Group’s California Hotel Development Survey 2022 Mid-Year reports that 29 hotels opened in the first six months of this year, a 43% year-over-year decrease. The number of new rooms opening dropped from 7,168 to 3,561, a 50% decrease. The largest hotel to open was the Luma Hotel…