“Nearly 49% of U.S. hotel room construction is occurring in the 26 markets with the highest existing supply numbers,” said Bobby Bowers, STR’s senior VP for operations.
January 2016 hotel construction is up 13% compared to January 2015 and is up 17.1% on a year-over-year basis. According to the January 2016 STR Pipeline Report, there are 4,084 hotel projects totaling 496,184 rooms under contract in the United States.
Nearly half of those rooms are in 26 markets with the highest existing supply with New York City reporting the most rooms under contract (34,217 rooms).
Other markets recording over 10,000 rooms under contract include:
- Houston
- Dallas
- Miami/Hialeah, FL
- Los Angeles/Long Beach, CA
- Orlando, FL
- Washington, D.C.-Maryland-Virginia
(more on the U.S. hotel construction boom...)
