• Sat. May 18th, 2024

Hotel Inventory Growth in Salt Lake City Reaches Highest Level Since 2009

Bynewsmagzines

May 24, 2023
The dual-branded Le Méridien and Element hotel opened in February, adding 270 new hotel rooms to downtown Salt Lake City. (CoStar)

[ad_1]

Hotel room inventory grew by 1,447 rooms, or 3.9%, in the past 12 months in Salt Lake City, representing the highest inventory increase since 2009. This year, four hotels are expected to open with local owners. So far, three have opened, and if the remaining hotel opens on time, the 12-month inventory growth will increase to 4.3% in July. From 2013 through 2022, the 12-month average inventory change ranged between a 0.5% decline and 3.3% growth, but was generally gained less than 2%. In February 2013, the inventory growth was 3.8%; the previous significant peak occurred in October 2009, at 5.8%.

Leave a Reply

Your email address will not be published. Required fields are marked *