From TRD New York: New hotel development across the country is slowing as operators feel the pinch from years of rapid growth and a flood of new supply. Hotel construction spending fell 2 percent between December and June to $2.75 billion, according to Census Bureau data cited by the Wall Street Journal. Construction spending had more than tripled since hitting rock bottom in 2011. As of late, construction labor shortages and declining revenue growth have ... [more]
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