Click on a label to read posts from that part of the world.
Atlanta loses three hotels to weak market, two to become dorms
Three hotels have succumbed to weakness in the Atlanta market. Among the recent casualties is the 502-room Marriott Renaissance. Rates have been pushed lower by an abundance of capacity that has caused even top brands to get stuck charging less than $100 a night. When there's far more supply than demand, of course, this is what happens.Joining the Renaissance in the graveyard will be the city's Wyndam Garden Hotel and Baymont Inn & Suites. Georgia State University will be buying both and converting them to dorms. The future of the Renaissance remains uncertain, though 75 percent of its laid-off staff will be moving to other Marriott properties.
Given the state of the Atlanta hotel market, there's the risk that more hotels could follow:
[photo by Nrbelex via Flickr]"More and more property owners are asking themselves the question, 'Is operating this facility as a hotel really what produces the maximum economic return?'" Mark Woodworth, president of PKF Hospitality Research, tells the [Atlanta Journal-Constitution].
Filed under: North America, United States, Hotels and Accommodations
