Though Conditions Have Improved, US Hotel Development Pace Remains Stalled
Peachtree Senior Vice President Michael Ritz was quoted in an article for Hotel News Now about the path forward for new hotel development in the United States.
CoStar Impact Awards: In this California city, a former parking lot is now a trendy Marriott hotel
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Commercial development of the year for Sacramento
"Five years ago, the land now labeled as 905 Seventh St. in Sacramento, California, was nothing more than a parking lot for light rail commuters. Today, it's home to the city's newest major hotel.
The AC Hotel Sacramento opened in March 2024 after its construction began in January 2022. Downtown Sacramento has been in desperate need of more hotel rooms, and the AC Hotel's arrival helped fill that demand, economic leaders in California's capital city said.
The hotel sits in an opportunity zone, which is land that developers are given extra tax incentives from the federal government to revitalize."
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