Economy and Business
Tuesday, October 7, 2014
Northeast Ohio is in the midst of a hotel boom
At one point three hotels were under construction in sight of each other in the Belden Village area north of Canton
by WKSU's TIM RUDELL |
Reporter
Tim Rudell | | |
| Drive from the north side of Akron to south of Canton and you’ll see six hotels being built. And at least that many looking bright and new because they just opened. There is a hotel boom along the I-77 corridor…and throughout the region. WKSU’s Tim Rudell reports. |
LISTEN: Hotel building boomOther options:  MP3 Download (0:52)
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David Sangree is president of the investment consulting firm, Hotel & Leisure Advisors.  “There’s at least 12 properties that we’re tracking in the Akron-Canton market that are under construction or proposed.”
Half a dozen of those projects involve Corporex Captial, real estate investors from Kentucky. Vice President Nick Heekin says eastern Ohio’s shale boom is part of the reason for the aggressive building. But he says there’s a long-range, progressive development vision, too.
 “Billions of dollars are being invested in the region by not only day to day drilling, but midstream projects. And ultimately we’ll see companies that are benefiting from cheap energy move into the region as well.”
Too much?
With so many new hotels could there be “over-build?”
Both Sangree and Heekin say “possibly" but that a lot of due diligence during planning suggests not. |
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