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Bill Wilhelm: “I have seen a lot more conversation about the revitalization of properties and projects where you can get in and get out sooner.” Bill Wilhelm: “I have seen a lot more conversation about the revitalization of properties and projects where you can get in and get out sooner.”

LOS ANGELES—At ALIS this year, it was clear that the hotel industry was either approaching or had hit its peak, and the story was no different for new development. In an exclusive interview with Bill Wilhelm, president of R.D. Olson Construction, GlobeSt.com learned that new hotel development has also plateaued. While groundbreakings have ensured that there will still be new hotel delivery through early 2017, Wilhelm said that the pipeline is drying up and renovation projects are the new trend.

“Ground up development is still active, but I have seen a lot more conversation about the revitalization of properties and projects where you can get in and get out sooner,” Wilhelm tells GlobeSt.com. “Right now, the hospitality industry has plateaued on new ground-up construction. We are still going to see another 18 months for ground-up starts because of what is already in the pipeline, but developers are starting to slow down and look for the next angle. I am starting to see more renovation and repositioning come to light.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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