While hotel occupancy rates remained slightly off pre-pandemic levels, occupancy rates improved year-over-year. Both LAX (LA) and SNA (OC) airports saw a 14% annual increase in total passengers. For multifamily, rental growth will continue to stabilize in 2024 due to increased new supply levels.
Los Angeles, the entertainment capital of the world, boasts a thriving tourism industry that draws millions of visitors every year. In this article, we will pinpoint the trends, innovations, upcoming events, and challenges that are shaping the future of the Los Angeles hotel industry.
A population boom and new development money in Downtown Los Angeles lead to a dramatic increase in the supply pipeline. Recent hotel transactions have been geared towards redevelopment and repositioning.