Hotel construction pipeline hits five-year high

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

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Dwyn Taylor (eft), Vice President of Stellar, accepts an award at the ABC ceremo

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