the great Pittsburgh hotel mystery
From the east end:
- East Liberty is slated to get not just one, but three new hotels. and that is over and above the hotel going in at Bakery Square. So make that 4 hotels for East Liberty alone.
- Also in the east end is the hotel that was said to be part of the new development on the former Don Allen site in Bloomfield.
- A hotel is going in as part of the new Arena development downtown.
- There is the hotel going in as part of the bottom floors of the new PNC skyscraper Downtown.
- A Hilton Garden hotel downtown behind Grant St.
- A Hyatt Place hotel on the North Shore.
- and just for good measure, add in the multi-million dollar refurbishment of the Hilton Hotel downtown as well.
and not to leave Oakland out of the mix:
- A new hotel adjacent to CMU in Oakland.
- Plus a new hotel in South Oakland on Technology drive.
So all of this has happened, is happening, or is slated to happen, in the midst of the most difficult credit environment in memory, especially for the hotel industry in particular.
So yes, I know everyone is fully expecting something analogous to the depression in the next few years. If that is true, you would think that the very first sign would be that some of these hotel projects, especially the ones that have not broken ground just yet, would be some of the very first projects to be turned off. I am pretty sure the least stable investment in a recession is a new hotel.
My guess. Like a lot of other explanations to why the local economy . The things driving a lot of visitors to the region include hospitals and universities and that demand for hotel rooms has probably not changed all that much of late. But looking to the future.... there really will be an impact of the casino here on the local hospitality industry. That being said, when everyone says you can't get credit to build anything, it's that much more remarkable money can be lined up to build any of these projects... let alone all of them. Worth watching.