NEW YORK CITY LEADS WORLD’S HOTEL PIPELINE
NewYork City has the largest hotel pipeline in the world with an unprecedented 180 new projects adding 30,304 rooms, more than half of which are already under construction. This according to Lodging Econometrics, a hotel industry real estate consultancy.
The total US hotel construction pipeline continued its upward trend in first quarter 2014 and now stands at 3,226 projects generating 407,235 additional rooms. That’s a 13 percent year-overyear increase in projects and 15 percent in total rooms – the second consecutive quarter that new hotel activity has posted a doubledigit percentage increase.
Of pipeline rooms under construction, nearly half (44.2 percent) are concentrated in the largest 25 markets. After NewYork, Washington is the next most active market with 85 projects either proposed or under construction adding 14,948 rooms. Houston, with the growing demand from the energy sector, has 100 projects generating 11,375 rooms, followed by Los Angeles with 60 projects, Chicago with 42 projects and Miami, with 54 projects.