How Much Does it cost to build a hotel?
The travel and hotel industries are good investments for many people. Building a hotel is a sound financial investment, as the travel industry continues to grow. Hotels come in many sizes and types, from simple motels and inns to 5-star luxury, mega-hotels. For this reason, there is a very wide range of costs associated with this type of project.
The price differs as per the standard of hotel. The national average range is $13,000,000 to $32,000,000, with most people spending around $22,100,000 on a 3-star hotel with 100 rooms.
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Click hereCost to build a hotel
There is an enormous range of costs per square foot for hotel construction. This is because different types of hotels include varying amenities, areas, and materials. In addition, hotels built in urban areas usually have a higher cost per square foot than hotels built in more rural or suburban areas. For this reason, there is a hotel construction cost per square foot range of $134 to $550:
Hotel Type | Cost per Sq.Ft. Rural Area | Cost per Sq.ft. Urban Area |
Motel | $134 – $170 | $180 – $234 |
3-Star | $190 – $245 | $250 – $375 |
4-Star | $260 – $345 | $350 – $410 |
5-Star | $332 – $400 | $400 – $550 |
Cost to Build a five Star Hotel per Square Foot
Five-star hotels are luxury buildings that include unique and high-end services for their guests. This increases the cost to build per square foot to between $332 and $550, depending on the area. They include many services, high-end gyms, pools, spas, and restaurants. They also have more communal areas, shopping, and other amenities.
Cost to Build a 4-Star Hotel per Square Foot
Depending on the location, building a 4-star hotel usually costs between $260 and $410 a square foot. Four-star hotels generally include more amenities and better materials than a 3-star. They often have gym and entertainment areas, spas, more than one restaurant, and possibly other shopping and services.
Cost to Build a 3-Star Hotel per Square Foot
Three-star hotels are considered standard hotels. Building a 3-star hotel costs between $190 to $375 a square foot, depending on the area. They have lobbies, communal areas, and restaurants. They may have gyms and pools as well, although not all include these features. They often do not have as many amenities as other hotels, and the materials are usually standard grade.
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While square footage is a popular way to break down the construction costs, many hotels are also priced per room. This makes an easier determination of the project’s total cost by projecting the number of occupants, rather than the overall space. Like square footage, the cost to build a hotel per room varies on the type of hotel, although the location is important too:
Hotel Type | Cost per Sq.Ft. Rural Area | Cost per Sq.ft. Urban Area |
Motel | $134 – $170 | $180 – $234 |
3-Star | $190 – $245 | $250 – $375 |
4-Star | $260 – $345 | $350 – $410 |
5-Star | $332 – $400 | $400 – $550 |
Cost of Building a 5-Star Hotel per Room
Five-star hotels have an average cost to build per room of around $604,200. They have many of the same features as a 4-star hotel, but they may have more of them or better quality. In addition, 5-star hotels often include additional services for their guests than a 4-star hotel may. The rooms are usually much larger, so the hotel may have fewer rooms in the same square footage.
Cost of Building a 4-Star Hotel per Room
The cost per room to build a 4-star hotel is around $318,200 on average. In a 4-star hotel, many of the features that were considered optional for a 3-star hotel are now standard. This includes restaurants, gyms, pools, spas, and communal areas. The materials used are usually of higher quality as well.
Costs of Building a 3-Star Hotel per Room
On averate, the cost to construct a 3-star hotel per room is of $221,000. Three-star hotels may have amenities and features for guests, but these are optional and vary by hotel. This is considered a standard-quality hotel with good quality but not luxurious features. There may be amenities like gyms and restaurants but not always.
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Process To Get Hotel Construction Cost Estimate Report
Here are some steps to get your hotel construction cost estimate report.
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