In just the past 15 months, hotel transactions in Colorado Springs has reached $115 million, which is compared to only $182 million over the last 15 years. With Colorado Springs currently in the midst of the best performing hotel market, Colorado Springsa�� general contractors are seeing sales growth from the strong demand for consumer lodging accommodations.
Strong Future for Colorado Springsa�� General Contractors
The landscape for hotel development has reached an all-time high due to the purchase of the Inland American REIT of the Hotel Monaco in 2013. This purchase led to a fundamental change in the area, putting Colorado Springs on the radar for national investors. Now viewed as a more favorable location, Colorado Springs has become more diversified for economic recognition. As a result, the city is listed on various a�?best ofa�? lists, causing tourism to the area to skyrocket. The hotel market has embraced the opportunity to accommodate the increasing number of tourists.
The economic boom has led to a surge in real estate development for commercial and residential rentals and commercial properties. The broad growth in hotel demand has significantly impacted contractors who were previously struggling and losing at bidding wars for commercial projects.
Now, as the tourism market increases, the hotel market must keep up with the demand. As a result, Colorado Springsa�� general contractors have reached a highpoint as they fulfill the need for large scale property renovations. Those in the hotel market must hire reputable construction companies, like iiCON Construction Group, to support the record improvement in Colorado Springs.
