New Hotels Opening in Greenville and Spartanburg in 2025
There is a fresh boom in the hospitality sector in Greenville and Spartanburg as multiple new hotels are slated to open their doors in 2025. A considerable supply growth is expected, particularly in the Greenville-Spartanburg area, according to commercial real estate experts.
Promising Prospects in the Hospitality Sector
The real estate market in the Upstate region is set to witness an exciting expansion with the anticipated delivery of 484 hotel rooms in the coming years. In Spartanburg, the recently launched ECHO Suites has already introduced 24 rooms, marking the start of the surge in new hotel accommodations.
For the rest of the rooms, we expect completion and delivery by mid-2025 to late 2025. Some of the anticipated establishments include the DoubleTree by Hilton Green, Fairfield by Marriott and WoodSpring Suites Anderson.
Details of the Upcoming Establishments
DoubleTree by Hilton Green – This innovative project falls in line with the latest trend of converting office spaces into hotels. The establishment, located at 125 The Parkway, is projected to add more than 140 rooms and is expected to be ready in the second fiscal quarter of 2025.
Fairfield by Marriott – Four years following the initial approval for construction on Spartanburg’s St. John Street, this hotel is set to deliver 136 rooms by Q2 of 2025.
WoodSpring Suites Anderson – Scheduled for completion by Q3, 2025, this extended-stay hotel will bring with it an additional 122 rooms.
Delays and Hurdles
Despite promising prospects in the hospitality industry, inflation and high interest rates are constraining financial growth for construction. Many developers are said to be holding out for the outcome of the presidential election in 2024, amid prospects that the Federal Reserve may cut interest rates soon. Similarly, several hotel purchase contracts are delayed until January, anticipating a potentially better economy under the next presidential administration.
A Positive Outlook
Despite these challenges, the Upstate hospitality sector is experiencing small increases in overall occupancy rates with rates currently averaging around 60 percent. In Q2 2024, hotels across Greenville-Spartanburg reported occupancy rates of 71 percent.
This increase in occupancy rates, coupled with the planned openings of more hotels, suggest a bright future for the hospitality industry in the Upstate region.
This promising upswing in the hospitality industry continues to enhance the economic climate of the region. Tourists, both local and international, await the completion of these projects to further enjoy the local hospitality in Greenville and Spartanburg.
