As student apartment complex growth slows down, the next wave of downtown development is upon us – eight hotel chains have expressed interest in opening a location in Cola.
With the influx of eateries, bars and residents in the Main St. and greater downtown district, the demand for hotels in the city center is on the rise. Occupancy rates grew from 68.4% in 2013 to 74.7% today, and the average room rate grew from $122.20 to $144.80.
Hyatt Place hotel on Gervais St. is charging $650/night on UofSC’s Parent’s Weekend – and it’s booking up.
At least five hotels are in the works in the Vista alone, according to Executive Director of the Columbia Development Corp. Frank Delk.
...and it’s not all because of Gamecock Football, state politics + Ft. Jackson. Cola’s centralized location (between Atlanta, Greenville, Charleston + Charlotte) make the city a desirable spot for business conferences + meeting. A majority of downtown hotels are sold out on weekdays due to business travellers, adding to the overall higher rates + occupancy.
While the hotel industry is trending towards smaller, boutique hotels (like the 107-room Aloft hotel which opened earlier this year on Lady St. + the soon-to-open, 41-room Hotel Trundle in the Main St. District), large hotels are still needed in order to host large-scale conventions + grow the city.
