According to the United States Construction Pipeline Trend Report by Lodging Econometrics (LE) for Q2 2023, the five markets with the largest hotel construction pipelines are Dallas with a record-high 184 projects/21,501 rooms, Atlanta with 141 projects/17,993 rooms, Phoenix with 119 projects/16,107 rooms, Nashville with 116 projects/15,346 rooms, and Los Angeles with 112 projects/17,797 rooms.
The markets with the most projects currently under construction at the Q2 close are New York with 47 projects/8,201 rooms, and Phoenix with 29 projects/6,064 rooms. Dallas has the most projects scheduled to start in the next 12 months with 69 projects/8,045 rooms, followed by Atlanta with 66 projects/7,932 rooms, and the Inland Empire market with 48 projects/4,946 rooms. Markets with the most projects in early planning are also led by Dallas with 90 projects/10,104 rooms, Los Angeles with 52 projects/8,663 rooms, and Nashville with 51 projects/6,009 rooms.
LE recorded a combined renovation and conversion pipeline total of 1,939 projects with 253,473 rooms for the U.S. at the Q2 close. The markets with the largest combined number of renovations and conversions are Atlanta with 39 projects/4,232 rooms, Chicago with 36 projects/4,921 rooms, and Dallas with 33 projects/5,687 rooms.
At the close of the second quarter, the Inland Empire market has the largest number of new projects announced into the pipeline with 7 projects/791 rooms, followed by Tampa with 6 projects/986 rooms, and Nashville with 6 projects/803 rooms.
For the first half of 2023, the U.S. opened 224 new hotels/27,194 rooms with another 384 new hotels/48,607 rooms expected to open by year-end. Reflective of the current pipeline, L.E.’s forecast for new hotel openings will continue to rise through 2025.
At Q2, the top 25 markets in the U.S. are forecast to open 40% of the rooms expected to open by year-end. Twenty-six percent of the new hotels forecast to open between now and 2023 year-end are concentrated within ten markets. Of these ten markets, those with the greatest number of new hotels forecast to open for all of 2023 are led by New York with 42 projects/7,192 rooms, followed by the Inland Empire market with 16 projects/1,564 rooms, Austin with 14 projects/2,021 rooms, Atlanta with 14 projects/1,369 rooms, and Dallas with 13 projects/2,100 rooms.
In 2024, Atlanta is forecast to top the list of new hotel openings with 20 projects/3,198 rooms, then Phoenix with 19 projects/3,480 rooms, and Dallas with 19 projects/2,159 rooms.
At this time, in 2025, Atlanta is anticipated to again lead in new hotel openings with 24 projects/2,829 rooms expected to open, followed by Dallas with 23 projects/2,343 rooms, and the Inland Empire market with 18 projects/1,844 rooms.
Related Stories
| Jan 13, 2014
Custom exterior fabricator A. Zahner unveils free façade design software for architects
The web-based tool uses the company's factory floor like "a massive rapid prototype machine,” allowing designers to manipulate designs on the fly based on cost and other factors, according to CEO/President Bill Zahner.
| Jan 11, 2014
Getting to net-zero energy with brick masonry construction [AIA course]
When targeting net-zero energy performance, AEC professionals are advised to tackle energy demand first. This AIA course covers brick masonry's role in reducing energy consumption in buildings.
Smart Buildings | Jan 7, 2014
9 mega redevelopments poised to transform the urban landscape
Slowed by the recession—and often by protracted negotiations—some big redevelopment plans are now moving ahead. Here’s a sampling of nine major mixed-use projects throughout the country.
| Dec 27, 2013
Grand Cancun to be first net-zero energy luxury eco-tourism resort
Using a marine platform concept instead of an artificial island, the development will create more space with less impact in the fragile marine ecosystem.
| Dec 20, 2013
Top healthcare sector trends for 2014 (and beyond)
Despite the lack of clarity regarding many elements of healthcare reform, there are several core tenets that will likely continue to drive transition within the healthcare industry.
| Dec 17, 2013
IBM's five tech-driven innovation predictions for the next five years [infographics]
Smart classrooms, DNA-based medical care, and wired cities are among the technology-related innovations identified by IBM researchers for the company's 5 in 5 report.
| Dec 17, 2013
CBRE's Chris Bodnar and Lee Asher named Healthcare Real Estate Executives of the Year
CBRE Group, Inc. announced today that two of its senior executives, Chris Bodnar and Lee Asher, have been named Healthcare Real Estate Executives of the Year by Healthcare Real Estate Insights.
| Dec 13, 2013
Safe and sound: 10 solutions for fire and life safety
From a dual fire-CO detector to an aspiration-sensing fire alarm, BD+C editors present a roundup of new fire and life safety products and technologies.
| Dec 11, 2013
Wyndham unveils hotel prototype for its Hawthorn Suites chain
The extended-stay hotel prototype reduces development costs by 46% for franchisees and enhances the overall guest experience.
| Dec 10, 2013
16 great solutions for architects, engineers, and contractors
From a crowd-funded smart shovel to a why-didn’t-someone-do-this-sooner scheme for managing traffic in public restrooms, these ideas are noteworthy for creative problem-solving. Here are some of the most intriguing innovations the BD+C community has brought to our attention this year.
