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
Market Data | Jun 12, 2018
Yardi Matrix report details industrial sector's strength
E-commerce and biopharmaceutical companies seeking space stoke record performances across key indicators.
Market Data | Jun 8, 2018
Dodge Momentum Index inches up in May
May’s gain was the result of a 4.7% increase by the commercial component of the Momentum Index.
Market Data | Jun 4, 2018
Nonresidential construction remains unchanged in April
Private sector spending increased 0.8% on a monthly basis and is up 5.3% from a year ago.
Market Data | May 30, 2018
Construction employment increases in 256 metro areas between April 2017 & 2018
Dallas-Plano-Irving and Midland, Texas experience largest year-over-year gains; St. Louis, Mo.-Ill. and Bloomington, Ill. have biggest annual declines in construction employment amid continuing demand.
Market Data | May 29, 2018
America’s fastest-growing cities: San Antonio, Phoenix lead population growth
San Antonio added 24,208 people between July 2016 and July 2017, according to U.S. Census Bureau data.
Market Data | May 25, 2018
Construction group uses mobile technology to make highway work zones safer
Mobile advertising campaign urges drivers who routinely pass through certain work zones to slow down and be alert as new data shows motorists are more likely to be injured than construction workers.
Market Data | May 23, 2018
Architecture firm billings strengthen in April
Firms report solid growth for seven straight months.
Market Data | May 22, 2018
Vacancies stable, rents rising, and pipeline receding, according to Transwestern’s 1Q US Office Market report
The Big Apple still leads the new construction charge.
Market Data | May 18, 2018
Construction employment rises in 38 states and D.C. from April 2017 to April 2018
California & West Virginia have biggest annual job gains, North Dakota has largest decline; California & Louisiana have largest monthly pickup, Indiana & North Dakota lead monthly drops.
High-rise Construction | May 18, 2018
The 100 tallest buildings ever conventionally demolished
The list comes from a recent CTBUH study.
