Hotel developers are slowing down new U.S. construction projects after years of rapid growth, a result of tighter lending conditions and a ballooning supply of rooms in large markets. Though consumer demand remains healthy, hotel construction spending was down 2% to $27.5 billion in June at a seasonally adjusted annual rate from December, according to Census Bureau data, after more than tripling since bottoming in 2011. A combination of increased travel spending, growing consumer confidence and cheap credit prompted...

Source: Wall Street Journal August 29, 2017 15:33 UTC