Terry Baltes of Baltes Commercial Realty said hoteliers who directed some of their profits back into the business likely are weathering the downturn better than those who didn’t.
“The good operators who care about their customers are doing quite well,” he said. “If you’ve kept your property well maintained, if you have a good staff and you’re running a good business, you’re still doing just fine.”
Eric Belfrage, vice president of CB Richard Ellis Hotels, said Dayton has seen its supply of hotel rooms grow, but at a more modest pace than Cincinnati, Cleveland and Columbus. And as new hotels open, others have exited the market, he said. He anticipates that new hotel development will be limited during the next two years.
Brisk hotel development has accompanied the explosive growth in the Miller Lane area. Most recently in late July, Tharaldson Property Management opened Residence Inn Dayton North, a 105-room extended-stay concept, at 7227 York Center Drive in Butler Twp.
Alex Kolodesh of Singer Properties said having 1,800 hotel rooms concentrated around Miller Lane has helped fuel other development there because the turnover in hotel guests injects new customers into the mix every night.
“You have the opportunity to bring in, capture, that market every day,” Kolodesh said.
Baltes said he believes hotel development at Miller Lane likely has peaked, since most major brands have staked a claim there. Beavercreek may see more hotels crop up, driven largely by development related to Wright-Patterson Air Force Base, he said.
Other hotels remain in the pipeline. For example, Dayton International Airport will get a new Holiday Inn Hotel & Suites, which would replace the current hotel, said Linda Hughes, an airport spokeswoman.
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