With Waco’s explosive tourism growth for the past three years, and high hotel occupancy rate, developers have stepped forward to build an abundance of new hotels. Magnolia Market is still generating an average 30,000 visitors each week, with 1.6 million total for 2018. The destination as a whole generated 2.6 million visitors in 2018, as measured through attendance figures at major attractions.
Waco’s hotel occupancy continues to exceed nearly every other city in Texas. Fourth quarter occupancy was 74.6%, behind only El Paso, and well above the state average of 62.3%.
Here is a recap of area hotels in the works:
Hotels opened in late 2018
Totaling 212 rooms, these hotels opened in late 2018.
- Hilton Garden Inn – 111 rooms
- La Quinta Del Sol – 101 rooms
Hotels Under Construction
There are four hotels in the market that are actively under construction, including a TownePlace Suites in Lacy Lakeview, near the Atwood’s. These total 452 rooms.
- Hyatt Place – 125 rooms – nearing completion
- Aloft – 117 rooms – nearing completion
- Springhill Suites – 125 rooms – under construction
- Towneplace Suites Lacy Lakeview – 85 rooms – near completion
Hotels Undergoing Site Prep
We see several areas undergoing site preparation prior to beginning construction. These total 563 rooms and include the following five hotels:
- Residence Inn – 104 rooms
- TRU by Hilton – 98 rooms
- Cambria Suites – 132 rooms (Bridge St.)
- EVEN hotel – 128 rooms (Bridge St.)
- Holiday Inn Express – 101 rooms (Bridge St.)
These three projects have been covered by the local media and total 310 rooms. These are expected to be constructed at some point in the future.
- Embassy Suites – 168 rooms (former Downtown 301 space)
- Catalyst Riverfront Development – 110 rooms
- Pivovar – 32 rooms
Summary of Waco’s Hotel Market
Starting Hotel Supply: 3,711
Plus Hilton Garden Inn & La Quinta: 212
Plus 4 hotels under construction: 452
Plus 5 hotels undergoing site prep 563
Plus 3 announced new hotels: 310
Expected total rooms: 5,216
Percentage increase: 1,537 rooms, or 41%