U.S. Hotel Construction Predicted to Rise
The U.S. hotel construction “pipeline” during the second quarter climbed 6% to 5,653 projects, with 9% more rooms at 693,207 compared to the year-ago period. Projects, including those that are underway, planned or in the initial planning phase, are just off the record high totals of 5,883 with 785,547 rooms from mid-2008. Construction projects underway total 1,727 projects with 233,600 rooms and planned construction in the next 12 months include 2,552 projects with 295,989 rooms. Both are at the highest levels since early 2008. Projects in the initial planning phase total 1,374 projects with 163,618 rooms.
In 2020, new hotel openings are forecast to rise with 1,161 new hotels with 129,531 rooms compared to a forecast of 1,055 with 119,727 rooms in 2019. In 2021, hotel openings are expected to expand 2.5% to 1,206 new hotels with 139,793 rooms. See Lodging Econometrics