Budget hotels thrive in tight times

Travelers stretching their budgets are sticking to basics when it comes to their accommodations, and developers of no-frills hotels have taken note. Developer Robert Finvarb, who first picked out a spot six years ago next to Burger King and Route 1 for his Marriott Courtyard in Coconut Grove, will this week open the budget hotel in a much more desirable area than originally planned. The hotel, down the road from the Ritz-Carlton, has balconies overlooking Biscayne Bay. Despite the growing number of troubled commercial loans, from which South Florida is not expected to recover beforel 2011, less expensive properties have a more reliable customer base, and budget hoteliers have grown more confident about investing in South Florida as a result. [Miami Herald]