Much like other markets in the "rust belt" Midwest, Toledo is experiencing a period of redevelopment, with major projects occurring in the healthcare, public, education, tourism, and, yes, hospitality sectors.
Chicago continues to attract major corporations and hotel development, supported by its proximity to global transportation infrastructure and a well-educated workforce. In 2018, 57.6 million visitors came to Chicago, setting a record for city tourism.
Chicago, America's "Second City" or, in the words of the poet Carl Sandburg, the "City of the Big Shoulders," has long enjoyed global recognition for its stories, intrigue, and ingenuity. The city's tourist attractions, international companies, celebrities, special events, and North America's largest convention center place it among the prime destinations in the U.
Hotel development activity correlates directly with the ebbs and flows of hotel-sector performance. As we reached the peak of the current cycle in 2016, developers pursued hotel construction and redevelopment at a pace we haven't seen since 2006 and 2007.
This 2015/16 survey reports per-room hotel development costs based on data compiled by HVS from hotel projects proposed or under construction during the 2015 calendar year. Construction cost data for new projects was collected in 2015 in order to form the basis of the mean and median of the construction cost components.