A jump in hospitality industry sales indicate the Dallas economy and that of other North Texas cities saw significant over-all growth last year.
Source Strategies Inc., a San Antonio based hotel consulting company, has released the Hotel Brand Report, which shows that in 2016 Dallas topped the list for increased hospital revenue among Texas cities. Last year, Dallas hotels saw a rise of 8.6 percent over 2015. In addition to this being good news for the hospitality industry it is also a reliable indicator of how other business sectors performed.
The strong growth is derived from a number of factors: companies continuing to open here in Dallas, the pull of sports franchises and increasing tourism and convention business. The saying: “A rising tide lifts all boats” could be applied here, with Mailing services, banner printing and sales from Promotional Products experiencing positive results as well.
Despite the higher sales figures, the hospitality market is still not keeping up with demand. According to the senior vice president at Source Strategies, Paul Vaughn, the hotel market here is far from saturated and room exist for the opening of more hotels. From 2015 to 2016 Dallas added 1,600 new accommodations bringing the total rooms in the city to over 75,000, giving the city an average occupancy rate of 71.7% last year, which confirmed the need for more hotel rooms.
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