Football World Cup Hospitality: Hotel development in California decelerated in 2024 and is likely to stay sluggish in 2025. As investors remain worried about rising interest rates and high construction costs. A new survey from Newport Beach-based Atlas Hospitality Group. Described that Los Angeles County had the highest number of new hotels that unbolted among California counties in 2024, with five. It also led in the number of new rooms that opened, with 607.
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There is not a lot of land, so it comes down to buying existing edifices and repurposing them, said Alan Reay. President of Atlas Hospitality for FIFA World Cup 2026. That resources that you’re also in competition with multifamily designers.
Those other uses and the manor tax have also had a negative impact both on sales. The appeal for anyone to build new hotels in the city of Los Angeles. The mansion tax, also mentioned to as Measure ULA, is a transfer tax that applies to possessions that sell for more than $5 million in the City of Los Angeles.
FIFA World Cup Hospitality: Financial Strength and Strategic Growth Driving New Projects
Despite the challenges, L.A. County still maintains the state in terms of hotel developments, with 23 hotels totaling a total of 2,833 rooms under construction. That’s up from 18 hotels and 2,162 rooms under construction in 2023. The 300-room Kali Hotel, Autograph Collection, located in Inglewood. The largest in progress and is projected for completion in the FIFA World Cup 2026.
Meanwhile, the 150-room Cambria Suites Burbank by Choice Hotels was the main hotel to open in L.A. County last year. Because it’s a public company, (Choice Hotels) has more monetary wherewithal, and they’re committed to rising a brand, said Gary Gray. Chief investment officer at 24seven Hotels, the Irvine-based organization company overseeing the Cambria Suites Burbank.
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FIFA World Cup Hospitality: Investor Shifts Prioritizing Discounted, Existing Hotel Acquisitions
They can weather a lot of the tests that we might talk about for the traditional developer that has to go out and put together a wealth stack that will include debt and equity and all the other pieces. L.A. County currently has 199 projects with 27,457 rooms in preparation, down from 225 hotels and 33,372 rooms in 2023.
Per the Atlas report, in addition to the augmented cost of construction and rise in interest rates. The industry is also seeing several hotels default on their loans or file for bankruptcy. The report predicted the future for hotel construction will continue weak in the near term. As investors focus on buying existing hotels at discounts.
There is a growing emphasis on repositioning and renovation, renovating existing properties rather than ground-up construction, Kuby said. Many hotels that were built in the early 2000s are undergoing modernization. We’re seeing our developer partners today try to be much more strategic, focusing on adaptive reuse. Renovations, and projects that align with long-term tourism trends rather than the short-term event-driven demand.
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Reay observed that high-end hotels were seeing more luck in getting financed than projects intended for budget travelers. The one area that is being impacted is the budget to mid-price point, Reay noted. The reason for that is that the bulk of purchases are for alternative use. The cost of construction, whether or not you’re a higher-end hotel or a budget motel, is relatively the same in terms of the whole construction costs.
The economics today of building a budget or a mid-priced hotel in Los Angeles just economically does not work. Looking selectively only at Britten Shuford, co-founder and managing partner at Santa Monica-based PRG Investment & Management Inc., said his firm is selectively looking at L.A. PRG renovated and reimagined the Prospect Hollywood. A luxury boutique hotel with 24 rooms, in March 2020 and then reopened it in July 2021.
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Strategic Growth Leveraging Global Events for Hotel Industry Revival
For some in the hotel industry, the challenges of the current environment are tempered. The promise of increased demand driven by major upcoming events. Los Angeles, in particular, is poised to benefit from its role as a host city for both the FIFA World Cup 2026 and the 2028 Olympics. These events are expected to attract millions of visitors to the region, creating a surge in demand for hotel accommodations.
Alex Kuby, associate principal at Long Beach-based architecture firm Dye Lot. Which specializes in interior environments for hospitality, expressed cautious optimism about the Los Angeles market. I think we’re seeing some slight optimism in the Los Angeles market right now, he said. I think Los Angeles experienced kind of a complex moment in hotel development. But you have major upcoming events like the FIFA World Cup 2026 that are fueling investment and demand.
This optimism is reflected in the increased interest from investors and developers who are looking to capitalize on the anticipated influx of visitors. The prospect of hosting such high-profile events has already begun to stimulate investment in new hotel projects, as well as the renovation and expansion of existing properties. This, in turn, is expected to drive further growth in the local World Cup Hospitality sector, creating new opportunities for developers, operators, and investors alike.
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FIFA 2026 Hospitality: Profit Maximization Strategies to Minimize Interest and Boost Efficiency
While the potential rewards of developing in a market like Los Angeles are significant, the rising cost of financing remains a major concern. The increase in interest rates has not only made it more expensive to borrow money but has also led to tighter lending standards, making it more difficult for some developers to secure the funding they need.
For those who can obtain financing, the higher interest rates mean that the cost of carrying debt throughout the development process is significantly higher than it was just a few years ago. This can put additional pressure on developers to complete projects quickly and efficiently to minimize interest expenses and maximize profitability.
At the same time, the higher cost of borrowing has also led to increased scrutiny of potential projects by lenders. Who are now more cautious about the risks associated with new developments for FIFA World Cup 2026. This has made it more important than ever for developers to have a solid business plan. A clear understanding of the market, and a strong track record of success to secure financing.
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