Rapid growth in hotel development has been spurred by a broad range of factors, from the rise of globalization and interconnectedness of economies and markets, to unprecedented availability of capital, migration of people from rural communities to urban centers and an explosion of travel and tourism, Lodging Econometrics states. "Combined, this has resulted in the greatest real estate construction and infrastructure boom in history," says Patrick Ford, the firm's president.
The US has the largest share of the world hotel pipeline with 43%, followed by Asia Pacific, Europe and the Middle East. However, the impact of the current credit crisis and economic slowdown on developer sentiment could lead to a possible cresting of new openings after 2010, Lodging Econometrics reports.
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