SANTA CLARA (KCBS)— In Santa Clara, the demand for hotel rooms is leading the surge in new construction projects and is another sign the Bay Area economy is booming.
Hotels and restaurants are among the types of businesses doing brisk business in the Bay Area right now. If you’ve gone out to eat, chances are you’ve had to wait for a table.READ MORE: COVID-19 Outbreak Infects Dozens Of Staff, Inmates At Mendocino County Jail
According to the San Jose Mercury News, hotel prices are going up. In the Silicon Valley, room rates are up 8.2 percent and 5.5 percent in the East Bay and 2.8 percent in San Francisco.
One company which may benefit from the trend is Marriot, which has a new hotel under construction at Lakeside Drive along Highway 101 in Santa Clara. It’s just one of many construction projects underway as investors rush to meet demands of travelers flocking to the Bay Area.
Bob Schlick, with Barry Swenson Builder, said the new 49er stadium will be good for hotels and restaurants.READ MORE: Intel to Build $20 Billion Fabrication Facility in Midwest to Ease Chip Shortage