U.S. Hotel Construction Hits All-Time High in March
U.S. hotel construction in March totaled 214,704 rooms, the highest amount ever recorded, according to STR. The previous record was set in December 2007 at 211,694 rooms under construction. New York had the most rooms with 14,501, followed by Las Vegas, Orlando and Los Angeles.
STR noted that, similar to the 2008 recession, current construction projects would continue, however COVID-19-related delays would occur due to building material supply chain issues and social distancing requirements for construction workers. Expectations are that future pipelines would be affected by the pandemic and lack of demand. See STR