Home » Hotel Trends » Currently Reading:

STR: US hotel pipeline for July 2017

August 17, 2017 Hotel Trends No Comments Email Email

STR‘s July 2017 Pipeline Report shows 591,865 rooms in 4,899 hotel projects Under Contract in the United States. The total represents an 11.7% increase in the number of rooms Under Contract compared with July 2016.http://www.seychelles.travel/

Under Contract data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Unconfirmed stage.

In the In Construction stage, the U.S. reported 188,734 rooms in 1,436 projects. Based on the number of rooms, that is a 10.2% increase in year-over-year comparisons and a 1.0% lift from the previous month.

“We continue to see a back-and-forth pattern with the total number of rooms in development from month to month,” said Bobby Bowers, STR’s senior VP for operations. “The trend that has been easier to identify is the much lower rate of year-over-year growth compared with this time last year. Even with that slowing, supply is still growing at a healthy pace, and that will continue to be the case even as financing has become tougher to obtain.”

Among the Top 26 Markets, New York, New York, reported the most rooms Under Contract (26,990 rooms) and most rooms In Construction (14,714 rooms).

Four additional markets each reported more than 15,000 rooms Under Contract for the month: Dallas, Texas (20,851 rooms); Houston, Texas (17,355 rooms); Los Angeles/Long Beach, California (15,107 rooms); and Orlando, Florida (15,053 rooms).

After New York, four other markets reported more than 5,000 rooms In Construction: Dallas (6,923 rooms); Houston (5,247 rooms); Nashville, Tennessee (5,164 rooms); and Los Angeles/Long Beach (5,029 rooms).

“A majority of the major markets have seen supply grow above the long-term U.S. average,” Bowers said. “That makes demand growth that much more important in mitigating occupancy and rate decreases.”

Three markets each reported fewer than 1,000 rooms In Construction: New Orleans, Louisiana (844 rooms); Norfolk/Virginia Beach, Virginia (303 rooms), and Oahu Island, Hawaii (180 rooms).

U.S. Markets (ranked by In Construction phase)

Market In Construction
July 2016
In Construction
July 2017
In Construction
YOY % change
New York, NY 15,770 14,714 -6.7%
Dallas, TX 5,562 6,923 +24.5%
Houston, TX 5,381 5,247 -2.5%
Nashville, TN 2,822 5,164 +83.0%
Los Angeles/Long Beach, CA 5,633 5,029 -10.7%
Denver, CO 4,451 4,951 +11.2%
Seattle, WA 3,358 4,462 +32.9%
Las Vegas, NV 3,832 4,384 +14.4%
Washington, DC-MD-VA 3,612 4,182 +15.8%
Chicago, IL 4,287 4,070 -5.1%

Source: STR / report as of July 2017, activity reported through June 2017

Comment on this Article:







Time limit is exhausted. Please reload CAPTCHA.

Platinium Partnership

ADVERTISEMENTS

Elite Partnership Sponsors

ADVERTISEMENTS

Premier Partnership Sponsors

ADVERTISEMENTS

Official Media Event Partner

ADVERTISEMENTS

Global Travel media endorses the following travel publication

ADVERTISEMENTS

GLOBAL TRAVEL MEDIA VIDEOS