In the recent U.S. Construction Pipeline Trend Report released by Lodging Econometrics (LE), at the close the fourth quarter of 2020 and after more than 6 quarters since leading all U.S. markets in the number of pipeline projects, New York City has regained top billing again with 150 projects/25,640 rooms. Other U.S. markets that follow are Los Angeles with 148 projects/24,808 rooms; Dallas with 147 projects/17,756 rooms; Atlanta with 140 projects/19,863 rooms, recording a record-high number of rooms; and Orlando with 112 projects/19,764 rooms, a record-high pipeline project count for the market.
New York City has the greatest number of projects under construction with 108 projects/19,439 rooms and also the highest number of construction starts in the fourth quarter with 14 projects/2,617 rooms. Following New York City with the highest number of projects under construction is Atlanta with 46 projects/6,728 rooms, and then Los Angeles with 40 projects/7,131 rooms; Dallas with 39 projects/4,656 rooms; and Austin with 33 projects/4,850 rooms.
Despite the impact COVID-19 has had on hotel development, there are four markets in the U.S. that announced more than 10 new construction projects in Q4 ’20. Those markets include Miami with 18 projects accounting for 2,756 rooms, Orlando with 18 projects/4,806 rooms, New York with 17 projects/2,700 rooms, and Atlanta with 11 projects/1,843 rooms.
LE has also seen an increase in announced renovation and brand conversion activity throughout the last few quarters. At year-end 2020, there were 1,308 projects/210,124 rooms in the U.S. undergoing a renovation or conversion. Of the 1,308 renovation and conversion projects, 625 of those are in the top 50 markets. There are nine markets in the U.S. that currently have more than 20 renovation and conversion projects underway. That is led by Los Angeles with 28 projects, followed by Phoenix, Washington DC, Houston, Atlanta, Dallas, Chicago, New York, and Norfolk.
The top 50 markets saw 399 hotels/52,581 rooms open in 2020. LE is forecasting these same 50 markets to open another 509 projects/66,475 rooms in 2021, and 575 projects/71,025 rooms in 2022.
Related Stories
Senior Living Design | May 9, 2017
Designing for a future of limited mobility
There is an accessibility challenge facing the U.S. An estimated 1 in 5 people will be aged 65 or older by 2040.
Industry Research | May 4, 2017
How your AEC firm can go from the shortlist to winning new business
Here are four key lessons to help you close more business.
Engineers | May 3, 2017
At first buoyed by Trump election, U.S. engineers now less optimistic about markets, new survey shows
The first quarter 2017 (Q1/17) of ACEC’s Engineering Business Index (EBI) dipped slightly (0.5 points) to 66.0.
Market Data | May 2, 2017
Nonresidential Spending loses steam after strong start to year
Spending in the segment totaled $708.6 billion on a seasonally adjusted, annualized basis.
Market Data | May 1, 2017
Nonresidential Fixed Investment surges despite sluggish economic in first quarter
Real gross domestic product (GDP) expanded 0.7 percent on a seasonally adjusted annualized rate during the first three months of the year.
Industry Research | Apr 28, 2017
A/E Industry lacks planning, but still spending large on hiring
The average 200-person A/E Firm is spending $200,000 on hiring, and not budgeting at all.
Market Data | Apr 19, 2017
Architecture Billings Index continues to strengthen
Balanced growth results in billings gains in all regions.
Market Data | Apr 13, 2017
2016’s top 10 states for commercial development
Three new states creep into the top 10 while first and second place remain unchanged.
Market Data | Apr 6, 2017
Architecture marketing: 5 tools to measure success
We’ve identified five architecture marketing tools that will help your firm evaluate if it’s on the track to more leads, higher growth, and broader brand visibility.
Market Data | Apr 3, 2017
Public nonresidential construction spending rebounds; overall spending unchanged in February
The segment totaled $701.9 billion on a seasonally adjusted annualized rate for the month, marking the seventh consecutive month in which nonresidential spending sat above the $700 billion threshold.
