Overbuilding concerns raised during Lodging Conference panel discussion

09/24/2013 | HotelNewsNow.com

The final general session at The Lodging Conference last week saw a panel of hotel owners and lenders citing concerns over a possible oversupply ahead for the hotel market. "There are 20% more rooms under construction today than there was a year ago, and 90% of them are in hotels with 200 rooms or less, and 65% of them are in the upscale or upper-midscale segments. In reality, we're building the same box everywhere in the (United States), just with different brand names," said Fred Grapstein, Vornado Realty Trust's senior vice president.

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