Palm Beach County can expect a boost in hotel room inventory in the next few years, as rising occupancy and room rates have spurred new development.
According to the Palm Beach Post, more than 1,000 rooms are currently under construction, with close to 800 rooms awaiting approval in various cities. The rooms are anticipated to be in use by the end of 2015.
As a result of condo conversions, destruction caused by hurricanes and the housing collapse, Palm Beach County has about 2,000 fewer rooms than it had a decade ago despite having recorded 5.5 million visitors in 2012 and setting a record for bed taxes in 2013.
Projects under construction include a 403-room Hilton in downtown West Palm Beach and Jupiter’s Courtyard Marriott at Abacoa with 128 rooms, set to open later this year.
Source: The Real Deal