LAS VEGAS – Nigro Construction, a longtime local contractor, is so bullish on Las Vegas that it is continuing to build non-gaming hotels miles from the famed Las Vegas Strip during one of the worst times in the history of the industry.
According to data provider STR, hotel occupancy nationwide was just 44% in 2020. That’s down from 66% in 2019 and the lowest number on record, as the COVID-19 pandemic and accompanying economic downturn have discouraged people from traveling and eroded lodging industry profits.
Likewise, hotel occupancy in the usually bustling Las Vegas market is as low as it has been in recent memory, with some resorts on the Strip recently closing during weekdays due to decreased demand.
Such sobering statistics haven’t stopped Nigro from doubling down on its hometown. Since 2008, Nigro Construction has built four non-gaming hotels in underserved suburban areas of Southern Nevada. Even during this ongoing pandemic, the company has started building its fifth such hotel, with plans to develop a sixth.
Nigro’s local hotel developments include:
Nigro said his company is planning to build and operate a sixth suburban hotel in the Las Vegas area, a Springhill Suites by Marriott with about 51,000 square feet of space.
Some hotel industry analysts are predicting a slow recovery from this pandemic-driven downturn, with nationwide occupancy rates staying below 2019 levels possibly through 2024. Even now, as vaccination efforts boost hopes for a rebound in leisure and business travel, the virus and its various strains are still depressing demand, leaving some to wonder when corporate travelers and meeting planners will start booking rooms again at anything approaching pre-pandemic levels.
Well aware of such industry headwinds, Nigro points out that Las Vegas has always bounced back from previous recessions and will eventually do so again. The company has also found a unique niche in the market, developing and operating limited-service hotels in growing but underserved outlying areas of Southern Nevada.
About Nigro Construction
Family-owned and operated, Nigro Construction has built quality retail, commercial, hospitality, specialty, and medical properties for more than 40 years in the Las Vegas Valley. Established by Edward M. Nigro in 1979, the firm is a proven success as a second-generation company dedicated to providing quality and innovation in construction. Having grown up in the building industry, learning the business hands-on from their father, Todd Nigro and Michael Nigro, together with Charles Hansen, bring their expertise to the forefront as principals of the firm. These industry leaders have nearly 100 years of combined expertise as they continue the legacy of commitment to architecturally advanced design standards and the superior customer service upon which the company was founded. Visit nigroconstruction.com for more information.