West Hollywood Mayor, Lauren Meister, is asking the city council to impose a moratorium on new hotel development pending a study of their economic impact on the city’s economy. The mayor’s request follows a recent analysis by PFK Consulting and CBRE Hotels predicting a significant decline in hotel occupancy and room rates given the large number of new hotels under construction or under review. Notable openings for this year include the James Hotel, a 286 room project slated to open in May, and the 105 room Kimpton La Peer scheduled to open this summer. The PFK/CBRE report shows a possible sixty percent increase in the city’s supply of hotel rooms over the next few years. The report also projects a 15% decrease in occupancy rates by 2020 as well as a sharp decline in the average daily room rate. Meister is urging the city council to also consider the effect of an economic downturn on a city heavily dependent on tourism. If the moratorium is approved, we may see a halt to many large developments in West Hollywood.
Posted on 04/05/2017 at 02:08 PM
Compass Homes
Our app for finding homes in your city, with your agent.
Compass Markets
Real estate market data in real-time.
Sign up for our monthly newsletter for the latest real estate news and happenings.
9454 Wilshire Blvd, 4th Floor
Beverly Hills, CA 90212
310.433.0056
BRE #01878458
Compass is a licensed real estate broker (01991628) in the State of California and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.