Posts tagged carlisle
Central PA Hospitality Market Grows………Harrisburg, York, Carlisle
Somewhat surprisingly, recent Central PA commercial land sales activity has been led by hospitality developers as the Harrisburg/Central PA hospitality industry continues to expand. Even with an existing inventory of approximately 7,250 rooms in the immediate Harrisburg market alone, hospitality industry experts are seeing opportunities throughout the region. Although there has been talk of static room nights and challenging debt on some existing projects, specific submarkets have been targeted and plans have been submitted for a number of new hospitality projects. In combination, continuing strong visitor per year numbers (estimated regionally at 6.5 million), solid, viable special event venues (i.e. – Giant Center, Farm Show Complex) and the state government presence present an attractive regional market to the hospitality industry.
In Dauphin County’s Derry and Susquehanna Townships, limited service hotel projects are either on board for approval, or prepared for submission. York County has been targeted with additional limited service projects being planned. The I – 81 corridor from Lebanon through Cumberland County continues to see ongoing hospitality interest.
As we continue to experience slow and steady market rebound, expect to see additional hospitality transactions closing in the next 6 months.