How might a new hotel impact Dallas' economy?
Interest remains high for many of the homes for sale in Dallas, which is reflected in the economic growth displayed throughout the city. Some businesses are taking advantage of the city's booming economy and its central location to expand their profits.
USA Today reports that a new hotel was recently opened in South Dallas - the first since 1946. Nylo Dallas South Side is located south of Interstate 30, and is a mid-priced establishment.
Visitors will likely appreciate the hotel for many reasons, including its rooftop pool. Additionally, this hospitality venue is located close to the Dallas Convention Center, which could help the hotel attract patrons year-round.
"We're the third closest hotel to the convention center," Michael Mueller, chief executive of Nylo Hotels, told The Dallas Morning News. "That'll produce a lot of room nights. We expect to capture some people who are doing business downtown."
Nylo Dallas South Side might also bridge a gap that some residents feel have separated the northern and southern parts of the city for roughly five decades.
"People have not focused on what's south of [Interstate] 30 in the past 50 years," developer Jack Matthews told the news source. "The psychological divide is larger than the physical one. People have been taught since they were little, don't go south of the 30. We're trying to open up people's thinking right now."
The economic impact of Nylo Dallas South Side
The Dallas-Plano-Irving metropolitan statistical area (MSA) has seen its civilian labor force increase from 2,195,600 workers to 2,241,500 employees between February 2012 and July 2012, the U.S. Bureau of Labor Statistics notes. If Nylo Dallas South Side meets or exceeds its anticipated profits, the hotel could provide new opportunities to the region's job seekers.
Dallas is one of several spots in Texas that boasts a booming leisure and hospitality industry. There was a 4.3 percent year-over-year increase in employment in leisure and hospitality jobs in the aforementioned MSA between July 2011 and July 2012. A rise in visitors might lead this hotel along with restaurants, spas and other leisure and hospitality venues to hire more workers, which may help lower the area's unemployment rate.
Nylo Dallas South Side is just one of the many places visitors can enjoy when they travel to Dallas. Check out the attractions and entertainment Dallas has to offer when exploring the real estate market.