As of June, the total number of rooms under contract in the United States has increased 11.1% compared to June 2014, according to a Hotel News Now story on the STR Pipeline Report.
The rise comes out to 3,511 projects, totaling 426,043 rooms. As for rooms in construction, the rate is 20.9% (128,734 rooms) during that same time frame.
Broken down into segments, several areas are booming in terms of rooms under contract. The luxury segment leads all chain scales with a 46.5% increase, and the upper upscale, upper midscale, and midscale sectors are all up more than 15% since last June.
Upscale and upper midscale are the two largest divisions in the stage, containing more than 125,000 rooms each, for 266,867 rooms total under contract. The figures in the category include projects the in construction, final planning and planning phases but not in the unconfirmed stage.
The rates are even greater for rooms in the in construction stage. The luxury segment is up 57.3% at 5,468 rooms. Upper upscale, upscale, upper midscale, economy, and unaffiliated have all seen double-digit increases.
The only segments with negative change are unaffiliated and economy in the under contract category (-21.0% and -12.9%, respectively) and midscale in the in construction category (-13.8%).
Related Stories
Hotel Facilities | Apr 25, 2022
U.S. hotel construction pipeline up 2%, with 5,090 projects in the works
The total U.S. hotel construction pipeline stands at 5,090 projects and 606,302 rooms at the end of the first quarter of 2022, up 2% by projects, but down 3% by rooms, according to the Q1 2022 Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE).
Market Data | Apr 14, 2022
FMI 2022 construction spending forecast: 7% growth despite economic turmoil
Growth will be offset by inflation, supply chain snarls, a shortage of workers, project delays, and economic turmoil caused by international events such as the Russia-Ukraine war.
Hotel Facilities | Apr 12, 2022
A virtual hotel to open in the metaverse
A brand of affordable luxury hotels that launched in 2008, citizenM has announced it will purchase a digital land site in The Sandbox, a virtual game world owned by Animoca Brands.
Airports | Apr 4, 2022
Dominican Republic airport expansion will add mixed-use features
The recently revealed design concept for the expansion of Santiago International Airport in the Dominican Republic includes a transformation of the current building into a mixed-use space that features an office park, business center, and hotel.
Projects | Mar 10, 2022
Fort Worth’s Hotel Revel adds mixed-use spaces to creative neighborhood
Hotel Revel, a new mixed-use building in the Near Southside section of Fort Worth, Texas, will boost the vibrancy of the eclectic neighborhood.
Sponsored | Steel Buildings | Jan 25, 2022
Multifamily + Hospitality: Benefits of building in long-span composite floor systems
Long-span composite floor systems provide unique advantages in the construction of multi-family and hospitality facilities. This introductory course explains what composite deck is, how it works, what typical composite deck profiles look like and provides guidelines for using composite floor systems. This is a nano unit course.
Coronavirus | Jan 20, 2022
Advances and challenges in improving indoor air quality in commercial buildings
Michael Dreidger, CEO of IAQ tech startup Airsset speaks with BD+C's John Caulfield about how building owners and property managers can improve their buildings' air quality.
Adaptive Reuse | Dec 16, 2021
An adaptive reuse of a historic building in San Francisco was worth the wait
A five-year-long project included extensive restoration.
Giants 400 | Dec 3, 2021
2021 Hotel Sector Giants: Top architecture, engineering, and construction firms in the U.S. hospitality sector
Gensler, Jacobs, Suffolk Construction, and WATG top BD+C's rankings of the nation's largest hotel sector architecture, engineering, and construction firms, as reported in the 2021 Giants 400 Report.
Hotel Facilities | Nov 3, 2021
California’s Hotel del Coronado is finishing up the final piece to its Master Plan
A 75-residence Shore House will be family oriented and meeting commodious.