The latest data from Lodging Econometrics shows that the red-hot Texas
market has 185 projects and over 21,000 rooms in its pipeline.
NATIONAL REPORT — Dallas
remains the top hotel construction pipeline market in the U.S. through the
first quarter, according to the latest data from Lodging Econometrics.
Dallas,
which led LE’s rankings for most of 2023, has 185 projects and 21,882 rooms in
its pipeline, slightly below the market’s record highs in the fourth quarter of
2023.
Atlanta
is second with an all-time high of 153 projects and 17,929 rooms, while
Nashville is third with 127 projects and 16,199 rooms. Phoenix comes in fourth
with 123 projects with 16,198 rooms, and the Inland Empire in California is
fifth with a new record of 121 projects and 12,324 rooms.
New
York tops the list for new construction projects with 47 projects and 7,655
rooms, while Dallas (25 projects and 3,059 rooms) comes in second, and
Nashville (22 projects and 2,828 rooms) comes in third. Atlanta is fourth with
21 projects and 2,588 rooms and the Inland Empire is fifth with 20 projects and
2,181 rooms.
Dallas
also leads markets with projects scheduled to start in the next 12 months with
77 projects and 9,269 rooms, with Atlanta (56 projects and 6,656 rooms) at No.
2, Phoenix (56 projects and 6,853 rooms) and No. 3, the Inland Empire (54
projects and 5,369 rooms) at No. 4, and Nashville (49 projects and 6,600 rooms)
at No. 5.
Nationwide,
projects in the early planning stages hit record highs with 2,662 projects and
300,686 rooms. Dallas leads in this category as well, with 83 projects and
9,554 rooms, followed by Atlanta (76 projects and 8,685 rooms), Nashville (56
projects and 6,771 rooms), Austin (51 projects and 5,608 rooms), and Orlando
(49 projects and 11,442 rooms).
The
number of renovations and brand conversions also increased nationwide, with
2,041 projects and 266,405 rooms in the pipeline. Los Angeles is the leader
with 31 projects and 4,857 rooms, followed by New York, Atlanta, and Chicago
with 30 projects each, with 8,020 rooms, 3,488 rooms, and 8,128 rooms,
respectively.
New
York City had the most hotel openings in the first quarter with 26 hotels and
2,910 rooms, followed by Dallas (16 hotels and 2,013 rooms), Inland Empire (15
hotels and 1,559 rooms), Atlanta (14 hotels and 2,732 rooms), and Orlando (13
hotels and 2,364 rooms).
Previous Lodging Econometric reports
Last week, we discussed that a huge portion of Europe’s
pipeline is under construction.
In late May, we discussed the pipeline in APEC (Asia
Pacific excluding China).
In
mid-May, we discussed the booming pipeline in Latin America.
In
mid-May, we discussed the hotel construction pipeline in Canada.
Earlier
in May, we discussed why the U.S. hotel construction pipeline is surging.