According to Lodging Econometrics (LE) fourth quarter US construction pipeline trends report, the US market with
the largest portfolio of hotel construction projects is dallas with a record count of 176 projects, representing 20,790 rooms. Following Dallas is Atlanta with 145 projects/18,100 rooms, Los Angeles with 122 projects/19,419 rooms, Phoenix with 116 projects/16,229 rooms and Nashville with 106 projects/14,198 rooms. US markets with most projects currently underway building They are New York, with 61 projects/9,976 rooms, and Phoenix, with 28 projects/5,522 rooms. Following New York and Phoenix are Atlanta with 27 projects/4,253 rooms, Dallas with 23 projects/3,435 rooms, and California’s Inland Empire region with 21 projects/2,120 rooms. As of the end of the fourth quarter, Dallas has the most projects scheduled to start in the next 12 months with 68 projects/7,711 rooms, followed by Atlanta with 63 projects/7,520 rooms, Phoenix with 47 projects/5,492 rooms, Nashville with 45 projects /5199 rooms, and then Los Angeles with 42 projects/6,436 rooms. Dallas also has the largest number of hotel projects in the early planning stages, with 85. Projects/9,644 rooms at the end of 4Q. Following Dallas is Los Angeles with 61 projects/10,033 rooms, then Atlanta with 55 projects/6,327 rooms, the Inland Empire region with 48 projects/4,993 rooms, and Orlando with 45 projects/8,127 rooms. Through 2022, the markets with the highest number of new openings are New York with 29 projects/4,223 rooms, Austin with 18 projects/2,233 rooms, Nashville with 15 projects/2,354 rooms, Atlanta with 13 projects/1,746 rooms, and Washington, DC with 11 projects/2,012 rooms.
LE analysts forecast The New York market will have the most new hotel openings in 2023 with 46 new hotels / 7,795 rooms, for a growth rate of 6.4%. In 2024, Atlanta is expected to open the most new hotels, with 26 projects/3,881 rooms, for a growth rate of 3.4%.
