February 15, 2012
People are resuming travel. In some spots hotels are trading at prices that are above where they were in 2007. New York City just experienced record hotel occupancy rates this past May. As long as the market did not get overbuilt, hotels are coming back, says Greg Cory, principal of San Francisco–based Land Use Economics LLC and chairman of ULI’s Recreation Development Council. However, areas that got overbuilt are predicted to take longer to recover.