Hotels all over the Buckeye State continue to be built at a fast pace. Here's all you need to know about the influx of competition in Columbus.
Hotels all over the Buckeye State continue to be built at a fast pace.
In an already crowded market, central Ohio has sustained the building of over 40 new hotels in the past few years, and new proposals continue to come in.
Benefiting from a robust economy, the central Ohio hotel market has experienced a boom in recent years. And it’s not just there. It seems that almost every major metropolitan area in Ohio has seen an increase in proposals by developers including Cincinnati, Cleveland and Dayton.
In this article we’ll look at some reasons why the central Ohio hotel market continues to be on the rise:
- Columbus has a lot to offer
- Booming Columbus economy
- Countless conventions in Columbus
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Columbus is Where It’s At
It’s no secret that Columbus has a lot to offer. Not only is it the state capitol, but it also has the state’s highest population, the Columbus Blue Jackets, and the Ohio State University. All this means that there is a high demand for hotels in the area. People visit Columbus for countless reasons, and their visits seem to have increased in the past few years, sparking the uptick in new hotels. Growth is projected to continue not just in the downtown area but also out towards the suburbs as well.
It’s not just new hotels that are being built-- several large hotels in Columbus are getting expansions. The Hilton Columbus Downtown recently grew to 26 stories, adding even more rooms to an already popular downtown hotel.
It’s the Economy
Another major factor fueling the hotel increase has been that the overall Ohio economy has been moving along pretty well over the past few years. Unemployment has gone down steadily in Ohio, and in 2017 Columbus had an employment rate of 4.1%. Supply must meet demand in the hotel market, and it appears that the demand for more rooms in and around Columbus has also increased since 2016.
Demand For Conventions
Columbus is one of the most livable cities in the midwest, boasting everything from sports to academics to transportation to cultural attributes. This has lead to an increase in demand for it host all kinds of conventions. When conventions come to town, so do hundreds-- if not thousands-- of people, all looking to stay in a hotel for couple of days. This has definitely contributed to the increase of hotels built in order to serve business travelers. While these hotels are near capacity during the week with out-of-towners, the rooms stay full over the weekends with weddings and other social events.
The recent hotel boom in central Ohio is the result of a robust economy and increase in demand for additional rooms. Columbus has quickly become a destination city, desirable for tourists and convention planners alike.