It’s no secret that Houston has experienced a major boom in business accompanied by a large increase in population. Because of these two factors, the hotel industry is also seeing increased demand. So much so, in fact, that there are at least three new hotels planned or recently completed in northern and northwestern Harris County. Let’s take a look at the details.
Recent Hotel Projects in Northwest Harris
To get some insights into just how well the hospitality business is doing in Houston, it helps to look at the hotels just recently developed. First among them is the Residence Inn by Marriot, which is situated in Tomball on Medical Complex Drive. This is a 103-suite hotel that opened in late February of this year and it offers all the luxuries travelers would expect in their own homes — kitchens in each suite, Wi-Fi, a gym, laundry and more.
Then there is the Holiday Inn Express, also in Tomball on Park Drive. This 72-room hotel was recently sold to PH Lodging, who, along with other experts, expects Houston’s hotel industry to see sharp increases in occupancy in 2018.
The largest of the three will be the Marriott CityPlace, which was just started this spring. Forecasts say that this hotel will likely hold its grand opening in November of 2018. Located in Springwoods Village, this hotel will be a big one — 337 rooms, making it the centerpiece of the Springwood community. The CityPlace hotel will be joining two others, the Courtyard by Marriott, a hotel that opened in 2016, and the Residence Inn Houston, which opened a year prior to the Marriot.
What is Driving Hotel Expansion?
Investors are eager to invest in existing hotels and develop new ones. A large portion of this expansion comes from the recent expansion of the oil and gas industry. Springwoods Village itself, for instance, was built to meet the demand of Exxon Mobile, a company that employs 10,000 people in Harris County.
But the oil and gas industry isn’t the only factor. Other giants, such as HP, the American Bureau of Shipping and Amazon, to name a few, are moving in. According to the New York Times, Houston’s hotel market is a “Monday through Thursday” market because so many travelers are flooding into the city at the behest of the major corporations that call Houston home.
Marriott alone has plans for seven hotels opening in Houston for 2017 and there are other hospitality companies, developers and investors looking to do the same. For anyone looking to invest in hospitality, Houston provides many opportunities.