With the US economy in turmoil and global investors in high demand for property in the state, New Mexico has a lot to offer investors.
But what’s in store for the future?
A lot of people are talking about New Mexico being in the “golden age of hotel construction” with some predicting the construction of new hotels will accelerate.
In an interview with CNBC, a hotelier from one of the top hotels in the US, which operates out of Clearwater, Florida, said the market is ripe for expansion.
“We have so many hotels that are really underused.
We’re not getting the business we used to get from hotel operators, and we need to make sure we have enough rooms to meet demand and then expand,” said David Stitt, president of The Hotelier Group of Florida.
The hotels he’s referring to are some of the most iconic properties in the country.
The Hilton Garden Inn, which is a joint venture between Marriott International and Holiday Inn, is the largest hotel in the United States with a capacity of 10 million guests a year.
Stitt also owns the Holiday Inn in Albuquerque and the Hilton Garden in Clearwater.
“The number one issue for us is getting enough room for the demand for hotels,” he said.
The hotel industry in New England is struggling, with occupancy rates at three-quarters of its peak and the number of new hotel projects falling dramatically, according to the state of Massachusetts.
Stitt said the industry has a strong foundation to continue growing in New Hampshire, and he sees growth there as “a really good thing”.
The number of hotel rooms in New York City is more than double the number in Los Angeles and almost four times the number the state’s largest hotel operator, Marriott International, has in the region, according in a recent study.
The average price for a hotel room in New Jersey is $2,100, according a recent report from the Real Estate Board of New Jersey, and the average hotel occupancy rate in New Haven is about 60%.
The industry is growing in all three states, but New Mexico is the state with the largest number of projects and the strongest economy, according the Real Property Council of New Mexico.
New Mexico’s economy is in a slump, with a recession at home and a drop in the global economy.
The state’s unemployment rate is 12.1%, which is more in line with the national rate of 7.8%.
But, the economy is growing at a healthy clip, with average income per capita growing from $37,000 in 2008 to $53,000 last year.
The unemployment rate has declined from 11.2% in October 2016 to 9.9% in April 2018.
The number of vacancies is down by 0.6% from the end of April 2018 to the end