REOC San Antonio
Commercial Real Estate Since 1974   
Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

Got a Commercial Real Estate Need or Question?


Ask One of Our Trusted Advisors

San Antonio’s hospitality/tourism industry

Hotel Indigo Riverwalk

Hotel Indigo Riverwalk

Hotel Indigo Riverwalk recently opened at 830 N. St. Mary’s St.  Despite the economic downturn that started late last year, new hotels are still being constructed and renovated.  That’s because San Antonio’s hospitality/tourism industry continues to demonstrate a solid performance. 

According to the most recent study, San Antonio’s hospitality sector supported more than 106,000 workers in 2008 – up from just over 100,000 measured in the previous study for 2006.  San Antonio’s tourism industry is a key economic driver in the local economy with an annual economic impact of $11 billion – up from $10.2 billion previously.  The economic impact report revealed that the hospitality industry contributed $285 million in taxes and fess to area governments in 2008, including $153.4 million to the City of San Antonio.

Read $11 billion impact on economy, MySanAntonio.com, 10-20-09.  The economic impact report is available on the website of The Greater San Antonio Chamber of Commerce – click here and look for Hospitality/Tourism Impact in 2008.

While the overall hospitality industry reports solid growth, there are challenges.  The influx of new hotel rooms has contributed to a lower overall occupancy rate, according to PKF Consulting Corp., a Houston-based hospitality research firm.  The historic norm for San Antonio is 66.8% but the average dropped to 65.1% in 2008 and PKF projects that the occupancy for 2009 will be 57.3%.  PKF counts nearly 8,000 new hotel rooms to be added for the period of 2008 – 2010, including the 1,002-rrom JW Marriott San Antonio HIll Country Resort & Spa which is scheduled to open in January.  Read more in S.A. hotel occupancy faces slower times, MySA.com, 11-25-09.

FacebookTwitterGoogle+Share

Leave a Reply

 

 

 

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>