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STR: US hotel pipeline for May 2017

June 17, 2017 Hotel Trends No Comments Email Email

STR’s May 2017 Pipeline Report shows 580,068 rooms in 4,806 hotel projects Under Contract in the United States. The total represents a 13.8% increase in the number of rooms Under Contract compared with May 2016.

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 191,832 rooms in 1,477 projects. Based on the number of rooms, that is a 16.4% increase in year-over-year comparisons.

“After two straight months with a decrease, we saw the total number of rooms under construction rise by more than 2,000 from April to May,” said Bobby Bowers, STR’s senior VP for operations. “At the same time, year-over-year growth is much lower than last year, so it remains unclear if this is in fact the beginning of a slowing development period. The numbers show that there is still an appetite for new construction projects, but it will be interesting to see if that appetite correlates with further slowing in industry performance growth.”

Among the Top 26 Markets, New York, New York, reported the most rooms Under Contract (27,806 rooms) and most rooms In Construction (15,473 rooms).

Three additional markets each reported more than 15,000 rooms Under Contract for the month: Dallas, Texas (18,386 rooms); Houston, Texas (16,613 rooms); and Los Angeles/Long Beach, California (15,663 rooms).

After New York, four other markets reported more than 5,000 rooms In Construction: Dallas (7,503 rooms); Los Angeles/Long Beach (5,887 rooms); Nashville, Tennessee(5,335 rooms); and Seattle, Washington (5,325 rooms).

Two markets each reported fewer than 1,000 rooms In Construction: Norfolk/Virginia Beach, Virginia (283 rooms), and Oahu Island, Hawaii (180 rooms).

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