In the most recent Lodging Econometrics (LE) Construction Pipeline Trend report on Los Angeles, LE states that Los Angeles has a total of 168 projects/28,501 rooms in the construction pipeline, the largest pipeline of any market in the U.S. Of this total, hotels presently under construction are at 46 projects/7,064 rooms, projects scheduled to start construction in the next 12 months are at 56 projects/9,199 rooms, and those in early planning are at 66 projects/ 12,238 rooms. If all of the projects in the pipeline come to fruition, this will increase the cityās guest room supply by 27.1%.
The three market tracts with the largest hotel construction pipelines are: Los Angeles Central Business District with 47 projects/11,490 rooms; Los Angeles East with 32 projects/4,418 rooms; and Los Angeles North with 29 projects/3,037 rooms. These three important market tracts combined account for 67% of the rooms in Los Angelesā total construction pipeline.Ā
The market tracts with the most projects presently under construction are Los Angeles North with 12 projects/1,153 rooms; Ā Los Angeles Central Business District with 10 projects/2,208 rooms; and Los Angeles East with 8 projects/1,333 rooms.Ā
LEās forecast for new hotel openings predicts that in 2020, Los Angeles will have a growth rate of 2.5% with 19 new hotels/2,589 rooms opening. In 2021, Los Angeles is forecast to jump to a 4.4% growth rate with 33 new hotels/4,784 rooms expected to open.
Related Stories
Market Data | Dec 3, 2020
Only 30% of metro areas add construction jobs in latest 12 months
Widespread project postponements and cancellations force layoffs.
Market Data | Dec 2, 2020
New Passive House standards offers prescriptive path that reduces costs
Eliminates requirement for a Passive House consultant and attendant modeling.
Market Data | Dec 2, 2020
Nonresidential construction spending remains flat in October
Residential construction expands as many commercial projects languish.
Market Data | Nov 30, 2020
New FEMA study projects implementing I-Codes could save $600 billion by 2060
International Code Council and FLASH celebrate the most comprehensive study conducted around hazard-resilient building codes to-date. Ā
Market Data | Nov 23, 2020
Construction employment is down in three-fourths of states since February
This news comes even after 36 states added construction jobs in October.
Market Data | Nov 18, 2020
Architecture billings remained stalled in October
The pace of decline during October remained at about the same level as in September.
Market Data | Nov 17, 2020
Architects face data, culture gaps in fighting climate change
New study outlines how building product manufacturers can best support architects in climate action.
Market Data | Nov 10, 2020
Construction association ready to work with president-elect Biden to prepare significant new infrastructure and recovery measures
Incoming president and congress should focus on enacting measures to rebuild infrastructure and revive the economy.
Market Data | Nov 9, 2020
Construction sector adds 84,000 workers in October
A growing number of project cancellations risks undermining future industry job gains.
Market Data | Nov 4, 2020
Drop in nonresidential construction offsets most residential spending gains as growing number of contractors report cancelled projects
Association officials warn that demand for nonresidential construction will slide further without new federal relief measures.