NEW YORK CITY - New York City has 78
projects/13,549 rooms in the hotel construction pipeline, the 10th largest
pipeline by projects of any market in the U.S., according to new data from
Lodging Econometrics.
Of the top 50 markets in the U.S., the New York market leads with the greatest
number of hotels presently under construction standing at 47 projects/7,655
rooms. Projects scheduled to start construction in the next 12 months total 8
projects/1,079 rooms, and those in early planning account for 23 projects/4,815
rooms.
The market, at the end of Q1 2024,
also has a noteworthy amount of conversion and renovation activity, ranking as
the third largest market in the U.S. by project volume for a combined
renovation and conversion total of 30 projects/8,020 rooms.
The market tracts with the most projects presently under construction are the New York City area with 16 projects/1,261 rooms, Midtown South with 7 projects/1,515 rooms, and the JFK airport/Jamaica area with 7 projects/851 rooms.
Within the New York market, the three market tracts (submarkets) with the
largest hotel construction pipelines are the New York City area, which includes
Brooklyn East, the Bronx, and Staten Island, with 25 projects/2,096 rooms; the
Midtown South area with 11 projects/2,535 rooms; and the Midtown West/Times
Square area with 10 projects/4,131 rooms. These three market tracts combined
account for 59% of the projects and 65% of the rooms in the market’s total
construction pipeline.
The market tracts with the most projects presently under construction are the
New York City area with 16 projects/1,261 rooms, Midtown South with 7
projects/1,515 rooms, and the JFK airport/Jamaica area with 7 projects/851
rooms.
During the first quarter of 2024, the New York market outpaced all others in
the U.S. with the highest number of new projects added – 12 projects totaling
1,660 rooms. The New York market also was the leading market for construction
starts in Q1 2024.
In Q1 2024, the New York market ranked seventh among the top 50 markets in the
U.S. for the number of newly opened hotels. Looking ahead, forecasts indicate
that it will lead the nation in hotel openings throughout the remaining three
quarters of the year. LE’s total forecast for new hotel openings in the
New York market in 2024 are 26 projects/2,910 rooms. In 2025, the market will
rank sixth in forecasted new hotel openings, with 17 projects/2,409 rooms.