International Hotel Growth Accelerates
International hotel growth accelerates as resort property sales are skyrocketing. Through the end of August 2013, resort sales topped $2.4 billion, exceeding sales in all of 2011 and 2012 combined, according to commercial property brokerage firm Jones Lang LaSalle. Meanwhile, Investor Business Daily reports that hotel construction at midyear has experienced a year-over-year increase of 23 percent, with construction over the next twelve months expected to show a year-over-year increase of 36 percent.
The Arabian city of Dubai has become synonymous with over-the-top luxury; a fitting description for a paradise city that is home to the tallest building in the world and now the tallest hotel in the world: the JW Marriott Marquis Dubai. Situated in the Business Bay district, the hotel stretches 1,164 feet above the ground—just 85 feet shy of the Empire State Building. The outpost, which was officially crowned the “tallest” by the Guinness Book of World Records, is now a part of JW Marriot’s 59 locations around the world. JW is the luxury arm of Marriott International, which plans to expand to 79 properties in 28 countries by 2015.