The U.S. is about to get a boost in the number of hotel rooms it has. According to a new report from Hotel News Resource, there are more than 4,700 projects currently in the works.
STR's January 2017 Pipeline Report details current projects under contract and shows an increase of just over 16 percent from this time last year. Right now, there are 575,907 rooms in 4,763 hotel projects under contract in the US and, in the construction stage, there are 190,301 rooms in 1,449 projects in the works.
"A little more than 31 percent of all U.S. hotel construction is occurring in 10 major markets," Bobby Bowers, STR's senior VP of operations tells Hotel News Resource. "Consistent demand generators no doubt make these markets attractive for new development, but at the same time, several are seeing occupancy levels and pricing power pressured by the influx of new supply."
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New York tops the list in hotel expansion. Other top markets in the "in construction" phase include Dallas; Los Angeles; Seattle; Houston; Denver; Las Vegas; Washington, D.C.; Nashville; and Chicago.
"New York's construction amount accounts for 8 percent of all U.S. construction activity and almost 14 percent of that market's existing supply," Bowers tells Hotel News Resource.
For more information on the growing hotel industry in the U.S., read on here.
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