Hotels now account for over one-third of adaptive reuse projects
For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.
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For the first time ever, hotel to apartment conversion projects have overtaken office-to-residential conversions.
In the continuous battle against housing shortages and the surplus of vacant buildings, developers are turning their attention to the viability of adaptive reuse for their properties.
As seen in the Q1 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the first quarter, there are 6,065 projects with 702,990 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and a 7% YOY increase in rooms compared to last year.
This $500 million mixed-use development will take up nearly nine blocks.
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Its developers envision a thriving business, education, and entertainment district, highlighted by a huge observation tower and aquarium.
The 38-story building will have a mashrabiya latticed facade with hotel and residential space inside.
Development investment is twice what it was five years ago.
New York continues to be the leader among metros in projects and rooms in the pipeline, according to Lodging Econometrics latest data.
The 506,000 rooms under contract in April represent a 14.6% YoY increase.