The New England hospitality design market is experiencing a booming trend of hotel development in secondary Boston area markets and promising tertiary submarkets in other New England states like Maine, New Hampshire, and Rhode Island. What is driving this movement?
Major urban centers have higher market rates, aggressive competition, and limited development opportunities – creating high barriers to entry and lower return on investment for investors. Submarkets offer a desirable alternative to getting priced out of major urban centers. Some of the many benefits of developing in submarkets include increased opportunities for hotel development, lower barriers to entry, and the ability to provide an authentic and unique hotel experience that today’s travelers are craving.
Let’s dive further into what this means for the hospitality design community and take a look at which New England areas are capitalizing on this movement