Capital expenditures for hotels hit 5-year high in 2013

08/21/2013 | New York Times (tiered subscription model), The

Hotel owners are investing more in renovating and rehabbing their properties this year, according to research by the Preston Robert Tisch Center for Hospitality, Tourism and Sports Management at New York University. Overall, hotels in the U.S. will invest $5.6 billion on capital expenditures in 2013, a five-year high. In New York City alone, one-quarter of the hotels are slotted to be renovated.

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