New Hotels Set to Enhance the Vibrancy of Greenville and Spartanburg in 2025
Greenville and Spartanburg, SC – In a move expected to stimulate the local economy and boost tourism, hundreds of new hotel rooms are poised to grace the skyline of Greenville-Spartanburg area by 2025. The hospitality sector of the Upstate region anticipates significant growth with the ongoing construction of nearly 484 hotel rooms.
Exciting Additions to the Hospitality Sector
The office-to-hotel conversion of the historic DoubleTree by Hilton Green at 125 The Parkway is slated for completion in the second fiscal quarter of 2025. With more than 140 rooms located near the Thornblade Country Club at Interstate 85, this hotel aims to cater to both business and leisure travelers.
Likewise, the much-anticipated Fairfield by Marriott hotel, set to bring 136 rooms, expects to open its doors by the second fiscal quarter of 2025. This new addition to the hospitality scene is the fruit of four years of preparation since the initial approval to build on St. John Street in Spartanburg.
Also underway is the construction of the WoodSpring Suites Anderson. This extended-stay hotel, offering 122 rooms, aims to be completed by the third fiscal quarter of next year.
Expectations and Challenges
While the number of hotel rooms in the planning and development stages in the Upstate has more than doubled compared to this time last year, the hospitality market faces significant financial hurdles due to inflation and high-interest rates. Developers and investors are thought to be keeping a close eye on the 2024 presidential election outcome in hopes of a possible lowering of interest rates and more favorable economic conditions in the new administration’s tenure.
The Economic Impact
Despite the challenges, the Greenville-Spartanburg hospitality market remains resilient. There was a slight increase in the average daily cost for a hotel room from last year, and the overall occupancy rates in the area also registered mild gains. Notably, the second fiscal quarter of 2024 witnessed an occupancy rate of 71 percent for Greenville-Spartanburg hotels.
According to market analysts, leisure travel is gaining prominence in the area, indicated by the recent constructions of high-profile luxury hotels like Hotel Hartness and the Grand Bohemian. However, business travel still makes up the largest sector, contributing three-quarters of total hotel stays in the region.
These new hotel developments are set to complement the robust growth of the Greenville-Spartanburg region, hopefully bringing an array of new opportunities and exciting experiences for locals and visitors alike.
Source: HERE News Network
Author: HERE News
