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News:
Owners Developers & Managers
Posted: August 19, 2016
State of the U.S. Construction Pipeline and top hotel construction markets in the U.S.
JP Ford, New EnglandHotel Realty
The State of the U.S. Construction Pipeline In the Q2 2016 report to the lodging industry, New England Hotel Realty (NEHR) through its exclusive relationship with, Lodging Econometrics (LE), stated that the United States Hotel Construction Pipeline totaled 4,633 projects/569,848 rooms, a year-over-year (YOY) increase of 15% by projects and 12% by rooms.
There are 1,381 projects/184,167 rooms currently under construction, up by 237 projects or 21% YOY. Projects scheduled to start in the next 12 months, at 2,198 projects/249,103 rooms, are up 480 projects, or 28% YOY. Projects in early planning with 1,054 projects/136,578 rooms are down by 122 projects, a decrease of 10%. It is the third consecutive quarter where the project and room count in early planning has dropped.
Top Hotel Construction Markets in the U.S. The five U.S. markets with the largest construction pipelines are: New York with 196 projects, Houston with 170, Dallas with 128, Nashville with 109, and Los Angeles with 104.
Nashville and Dallas added the most projects YOY, with Nashville adding 49 projects and Dallas adding 27. The other markets respectively added: 25 projects in Los Angeles, and 8 in Houston. New York, down 14 projects, is the only top market that fell YOY.
Upper Midscale Projects Dominate the Pipeline There are 1,894 upper midscale projects in the U.S. Hotel Construction Pipeline, the highest count of any chain scale and representing 41% of total pipeline projects.
The leading upper midscale brands are Holiday Inn Express with 408 projects, Hampton Inn & Suites with 333 projects and Home2Suites with 310 projects. These top three brands represent half of all projects in the upper midscale pipeline.
JP Ford, CHB, ISHC, is senior vice president of New England Hotel Realty (NEHR). NEHR provides acquisition, disposition, consulting and market research services to the lodging real estate industry. Ford oversees and directs the company’s hospitality brokerage department, working with new clients, and servicing the disposition and acquisition needs of existing clients.
For more information on the New England Hotel Construction Pipeline, please join us September 22, at the Boston Marriott in Newton for the 2016 New England Real Estate Journal Hotel & Hospitality Summit.
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