San Diego County added just one hotel during the first six months of the year, although four properties are currently under construction, including the 1,600-room Gaylord bayfront hotel in Chula Vista.
Across the state, the pace of hotel construction continued to be sluggish during the first half of 2022, although the recent groundbreaking of a 1,600-room bayfront hotel in Chula Vista helped San Diego County easily surpass development activity during the same period in 2021.
During the first six months of this year, the number of hotels under construction statewide fell 12 percent — from 132 to 116 . Similarly, the number of rooms being built declined by 11 percent, from 17,962 to 15,958. “With rising interest rates, we’re definitely going to see a dampening effect on new construction for at least the next 24 to 36 months,” Reay predicts. “We’re already seeing lenders pulling back from the segment anyway. The big unknown is if the economy falls into a prolonged recession. If that happens we could see a slowdown that comes close to the 2008 post slowdown.”
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