The hotel construction pipeline hit a five-year high in the third quarter, clocking in at 3,516 projects and 443,936 rooms, Lodging Econometrics reports.
For four consecutive quarters, the pipeline has posted double-digit year-over-year increases in terms of both projects and rooms. In Q3, year-over-year increases for projects and rooms are up 25% and 24%, respectively.
Conditions are currently favorable for developers, according to the report. This year is the fifth consecutive year that the growth of guest room demand has exceeded supply growth; supply growth has been 1.3% for four consecutive years.
Making the outlook even rosier for developers: occupancy will reach a 17-year high by the end of 2014. Average rate and revenue per available room will also reach record highs at year-end, according to the report.
Other report highlights:
• 23 of the top 25 markets are running above the nation’s average occupancy rate of 65.9%
• New York, with 176 projects and 29,775 rooms, has the largest pipeline in the country
• Houston, Washington, D.C., Los Angeles, and Miami are the next largest pipelines
• The brand at the head of the pipeline is Marriott International, followed by Hilton and Intecontinental
Read more or order a full report here.
Related Stories
Giants 400 | Jan 15, 2024
Top 130 Hospital Facility Architecture Firms for 2023
HKS, HDR, Stantec, CannonDesign, and Page Southerland Page top BD+C's ranking of the nation's largest hospital facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Airports | Jan 15, 2024
How to keep airports functional during construction
Gensler's aviation experts share new ideas about how to make the airport construction process better moving forward.
Adaptive Reuse | Jan 12, 2024
Office-to-residential conversions put pressure on curbside management and parking
With many office and commercial buildings being converted to residential use, two important issues—curbside management and parking—are sometimes not given their due attention. Cities need to assess how vehicle storage, bike and bus lanes, and drop-off zones in front of buildings may need to change because of office-to-residential conversions.
MFPRO+ News | Jan 12, 2024
As demand rises for EV chargers at multifamily housing properties, options and incentives multiply
As electric vehicle sales continue to increase, more renters are looking for apartments that offer charging options.
Student Housing | Jan 12, 2024
UC Berkeley uses shipping containers to block protestors of student housing project
The University of California at Berkeley took the drastic step of erecting a wall of shipping containers to keep protestors out of a site of a planned student housing complex. The $312 million project would provide badly needed housing at the site of People’s Park.
Giants 400 | Jan 12, 2024
Top 10 Casino Architecture Firms for 2023
JCJ Architecture, HBG Design, Gensler, and WATG top BD+C's ranking of the nation's largest casino architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Senior Living Design | Jan 11, 2024
Designing for personal technology is crucial for senior living facilities
Today’s seniors are increasingly tech savvy. It isn’t enough to give senior living residents a pre-determined bundle of technology and assume that they’ll be satisfied.
Giants 400 | Jan 11, 2024
Top 40 Convention Center Architecture Firms for 2023
TVS, Populous, Arcadis North America, Gensler, and EUA top BD+C's ranking of the nation's largest convention center and event facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Architects | Jan 10, 2024
Award-winning civic design firm RossDrulisCusenbery joins DLR Group
DLR Group today announced the acquisition of Sonoma, California based civic and public safety design firm RossDrulisCusenbery (RDC). The addition of RDC adds focused design excellence of new building types to DLR Group’s global Justice+Civic studio.
Museums | Jan 8, 2024
Achieving an ideal visitor experience with the ADROIT approach
Alan Reed, FAIA, LEED AP, shares his strategy for crafting logical, significant visitor experiences: The ADROIT approach.
