Steady development despite the crisis

Let us forget the morose present for a moment to look into the future. Because during the crisis work goes on, particularly in the upscale segment, which is animated by a vast movement of renovations. Crowne Plaza will invest, through its owners, 250 million dollars to renovate the majority of its supply. The upscale brand owned by IHG, moreover, has the wind in its sails and shows its appeal with the recent conversion of a Ramada in Milwaukee and a Hampton Inn in Dallas, which expansion should continue.Nonetheless, the bad period being experienced by the cream of the hotel industry should quell certain ambitions for expansion. Developers may revise their plans with projects directed more at limited service, the segment that is currently demonstrating resistance. With the current crisis, interest in multi-functional complexes –where luxury brands were used as a sales pitch for residential real estate– has evaporated. But they must keep up their hopes. Left for dead, “1”, the eco-chic hotel-residence by Barry Sternlicht, may finally see the light. Works in Seattle and Washington are advancing slowly, but they don’t seem to be completely on hold. The brand’s website continues to announce projects in these cities as well as in Scottsdale and New York. The city of Austin may also soon be added to this list. Chi va piano va sano?The Sheraton brand also received a serious makeover. Last April, Starwood announced that it would pursue a revitalization plan launched in 2007, at 4 billion dollars dedicated to development (2 billion), renovation (1.3 billion) and the implantation of the brand’s new signatures such as new lobbies equipped the salon Link@sheraton or the new Sweet Sleeper bedding. Most of the investments were launched before Fall 2008, the renovation of almost all the properties in America should be complete at the...