Detroit Hotel Development Sees Boom in 2023, with More to Come in 2024
Detroit’s hotel scene is booming! In 2023, the city saw the opening of three new hotels, the Roost Hotel at Book Tower, the Godfrey Hotel in Corktown, and the Cambria Hotel Detroit. Construction is already underway on two more hotels, the AC Hotel at the Bonstelle and the Merchants Building. And that’s not all – even more hotels are planned to open in 2024, including the highly anticipated projects at the Hudson’s site and Michigan Central Station.
This surge in hotel development is a clear sign of Detroit’s comeback. The city is attracting more and more visitors, both for business and leisure. And with all of these new hotels coming online, there’s sure to be something for everyone.
If you’re planning a trip to Detroit in 2024, be sure to book your hotel early – with all of this new development, rooms are sure to fill up fast!
Highlights of Detroit’s hotel development boom in 2023:
- Openings: The Roost Hotel at Book Tower, the Godfrey Hotel in Corktown, and the Cambria Hotel Detroit.
- Construction underway: The AC Hotel at the Bonstelle and the Merchants Building.
- Opening in 2024: The Hudson’s site and Michigan Central Station projects.
- Renovations: The Downtown Detroit Marriott, the Westin Book Cadillac, the Atheneum Hotel, and the David Whitney Building.
So, whether you’re a business traveler looking for a convenient location or a leisure traveler looking for a unique experience, Detroit has a hotel for you. With all of the new developments happening, there’s never been a better time to visit Detroit!
Impact on the Commercial Real Estate Industry
The hotel development boom in Detroit is not only benefiting the hospitality sector but also making a significant impact on the commercial real estate industry. The increased demand for hotels is driving investment and development in the city’s commercial real estate market.
With new hotels opening and more in the pipeline, there is a growing need for supporting infrastructure and services. This includes retail spaces, restaurants, conference facilities, and other amenities that cater to both hotel guests and the local community. As a result, the commercial real estate market in Detroit is experiencing increased activity and investment.
The hotel boom is also attracting attention from investors and developers who see the potential for growth and profitability. The construction and operation of hotels create jobs and stimulate economic activity in the surrounding areas. This, in turn, contributes to the overall revitalization and economic development of Detroit.
Moreover, the influx of visitors to the city, driven by the expanding hotel industry, has a positive ripple effect on other sectors of the economy. Local businesses, including retail shops, restaurants, and entertainment venues, benefit from increased foot traffic and patronage.
Overall, the hotel development boom in Detroit is not only transforming the city’s hospitality landscape but also fueling growth in the commercial real estate industry and supporting the broader economic revitalization efforts.
For more information on Detroit’s hotel development and its impact on the commercial real estate industry, you can visit the original article on Detroit Urbanize.
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