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STR reports US hotel pipeline for March

April 22, 2014 Statistics & Trends No Comments Email Email

The total active U.S. hotel development pipeline comprises 3,127 projects totaling 381,503 rooms, according to the March 2014 STR Pipeline Report.

This represents a 14.7-percent increase in the number of rooms in under contract compared with March 2013 and a 41.9-percent increase in rooms under construction. The under contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.

“Ten markets accounted for more than 34,000 under construction rooms—one-third of the total U.S. hotel construction activity, and a 33-percent increase from March 2013,” said Bobby Bowers, senior VP of operations at STR. “New York dominated the numbers, totaling 13,595 rooms under construction, 40 percent of the Top 10 market construction activity.  STR currently expects total U.S. net supply growth to reach 1.2 percent in full year 2014, up from 0.7 percent in 2013 but about one-half the long-term annual supply growth rate.”

Among the Top 26 Markets, New York, New York, reported the largest number of rooms under construction with 13,595 rooms, which represents a 32.7-percent increase in rooms under construction compared to March 2013. Other markets to report more than 2,000 rooms under construction include: Washington, D.C. (+9.2 percent to 3,352 rooms); Houston, Texas (+276.8 percent to 3,116 rooms); Los Angeles-Long Beach, California (+41.8 percent to 2,740 rooms); and Miami-Hialeah, Florida (+83.8 percent to 2,290 rooms).

Minneapolis-St. Paul, Minnesota-Wisconsin, reported the largest percentage increase in rooms under construction (+606.4 percent to 664 rooms), whereas Detroit, Michigan, experienced the largest decrease (-46.5 percent to 384 rooms).

Please note: STR recently revised the pipeline definitions. What was formerly known as the Total Active Pipeline is now referred to as Under Contract. The Pre-Planning phase also has been renamed to the Unconfirmed phase.

To see complete media release with table, open the attached Word document.

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