The latest U.S. Hotel Construction Pipeline Trend Report by Lodging Econometrics reported that first quarter hotel projects totaled 5,090, up 2% compared to the same period in 2021. However, total hotel rooms fell 3% from Q1 2021 to 606,302. Projects in the early planning stages reached a record high of 2,218 projects with 254,488 rooms, a 24% and 12% increase over 2021 respectively. Renovations were also at an all-time high, with projects jumping 59% to 1,420 and rooms rising 48% to 184,692 over the prior year.
Canadian hotel construction projects in Q1 reached 258, representing 35,768 rooms. The total number of projects in the pipeline was unchanged, however the number rooms increased 1% compared to the same period last year. Conversely, projects planned for the next 12 months grew significantly over Q1 2021 with 91 projects and 12,473 rooms planned, rising 23% and 50%, respectively. See U.S. Lodging Econometrics and Canadian Lodging Econometrics
