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 city’s 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 Angeles’ total construction pipeline.
The market tracts with the most projects presently under construction are Los Angeles North with 12 projects/1,153 rooms; Los Angeles Central Business District with 10 projects/2,208 rooms; and Los Angeles East with 8 projects/1,333 rooms.
LE’s 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
Retail Centers | Apr 4, 2024
Retail design trends: Consumers are looking for wellness in where they shop
Consumers are making lifestyle choices with wellness in mind, which ignites in them a feeling of purpose and a sense of motivation. That’s the conclusion that the architecture and design firm MG2 draws from a survey of 1,182 U.S. adult consumers the firm conducted last December about retail design and what consumers want in healthier shopping experiences.
Market Data | Apr 1, 2024
Nonresidential construction spending dips 1.0% in February, reaches $1.179 trillion
National nonresidential construction spending declined 1.0% in February, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.179 trillion.
Market Data | Mar 26, 2024
Architecture firm billings see modest easing in February
Architecture firm billings continued to decline in February, with an AIA/Deltek Architecture Billings Index (ABI) score of 49.5 for the month. However, February’s score marks the most modest easing in billings since July 2023 and suggests that the recent slowdown may be receding.
K-12 Schools | Mar 18, 2024
New study shows connections between K-12 school modernizations, improved test scores, graduation rates
Conducted by Drexel University in conjunction with Perkins Eastman, the research study reveals K-12 school modernizations significantly impact key educational indicators, including test scores, graduation rates, and enrollment over time.
MFPRO+ News | Mar 16, 2024
Multifamily rents stable heading into spring 2024
National asking multifamily rents posted their first increase in over seven months in February. The average U.S. asking rent rose $1 to $1,713 in February 2024, up 0.6% year-over-year.
Market Data | Mar 14, 2024
Download BD+C's March 2024 Market Intelligence Report
U.S. construction spending on buildings-related work rose 1.4% in January, but project teams continue to face headwinds related to inflation, interest rates, and supply chain issues, according to Building Design+Construction's March 2024 Market Intelligence Report (free PDF download).
Contractors | Mar 12, 2024
The average U.S. contractor has 8.1 months worth of construction work in the pipeline, as of February 2024
Associated Builders and Contractors reported that its Construction Backlog Indicator declined to 8.1 months in February, according to an ABC member survey conducted Feb. 20 to March 5. The reading is down 1.1 months from February 2023.
Market Data | Mar 6, 2024
Nonresidential construction spending slips 0.4% in January
National nonresidential construction spending decreased 0.4% in January, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.190 trillion.
Multifamily Housing | Mar 4, 2024
Single-family rentals continue to grow in BTR communities
Single-family rentals are continuing to grow in built-to-rent communities. Both rent and occupancy growth have been strong in recent months while remaining a financially viable option for renters.
MFPRO+ News | Mar 2, 2024
Job gains boost Yardi Matrix National Rent Forecast for 2024
Multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07 percent, shows a new special report from Yardi Matrix.
