SAVANNAH, Ga. (WTOC) - The annual Savannah Lodging update was held Tuesday at the Hyatt Regency.
The meeting looks at all the hotels in Savannah and determines whether the city’s growth is meeting the hotels’ needs.
CBRE Hotels Research studied Savannah’s hotel industry. They found that one key obstacle, like many cities, is the economy. The research group says the fear of a recession is starting to slow tourism.
“We’re now in that phase of the cycle where the supply growth is such that it’s beginning to outstrip demand growth; such that occupancies are beginning to soften somewhat," said Mark Woodworth, Senior Managing Director, CBRE Hotels Research. “Even in our long-term view, all of the new rooms coming into the market, we remain very very optimistic.”
Hotels are now beginning to budge for next year. Tuesday’s meeting helps them know what needs they can expect to meet in 2020.