U.S. hotel construction pipeline reaches record high project counts
The upper midscale segment had the highest project count of all chain scales in the total U.S. construction pipeline at the Q4 close
According to the 2023 year-end U.S. Construction Pipeline Trend Report from Lodging Econometrics (LE), the pipeline stood at 5,964 projects/693,963 rooms. At the close of 2023’s fourth quarter, there were 1,118 projects/141,768 rooms under construction, up 11 percent by projects and 5 percent by rooms YOY.
Key takeaways
- Projects scheduled to start within the next 12 months stood at 2,259 projects/261,582 rooms, up 9 percent by projects and 11 percent by rooms YOY;
- Projects and rooms in the early planning stage hit all-time highs in Q4, standing at 2,587 projects/290,613 rooms, and up 9 percent by projects and 4 percent by rooms YOY;
- Notably, the number of combined hotel renovations and brand conversion projects in the U.S. continued its upward growth trend through the end of 2023, closing the year with record project and room counts of 2,028 projects/303,330 rooms.
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