Large operators have launched
NEW YORK – Independent hotel operators and giant global chains are increasingly linking up in franchise agreements as high-interest rates have slammed the hospitality industry, slowing down new hotel construction.
For US-based Marriott International, conversions in 2023 accounted for 40% of organic room signings, double the 20% rate a year earlier. Half of France-based Accor's hotel openings last year were through conversions. That matches trends across the industry. Roughly 1,980 hotels opened in 2023, down from 2,730 in 2019, according to hotel development intelligence firm Lodging Econometrics.
Those loans are likely to be refinanced at higher interest rates. In the US, interest rates for new branded hotels are between 6.75% and 8.25%, up from 5-6% before the pandemic, said Shivan Perera, senior vice president of debts and participations at real estate lender Avana Capital. Un-branded operators generally have slightly higher rates between 7% and 9%.
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