A group including Buccaneers co-owner Bryan Glazer recently bought the Renaissance Vinoy, reflecting a new trend in hotel investment.
More wealthy individuals are investing in hotels, attracted by how well hotels are doing. Consider these facts from an Urban Land Institute panel discussion:
– Florida hotel visits are on pace to break 2017’s record, though red tide’s a concern.
– Tampa hotels have a 75% occupancy rate this year, with St. Petersburg and Clearwater over 70%. Five years ago, occupancy rates in all three cities were below 70%.
– Kent Schwarz, Colliers International Hotels