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Hotel construction pipeline hits new record
The hotel construction pipeline has grown to 3,067 projects with more than 415,000 rooms, reports Lodging Econometrics in its latest 2006 report.
“It’s the highest pipeline since 2000 and is growing at a rapid rate,” said Patrick Ford, president.
Ford said developer confidence is being buoyed by the very strong recovery in lodging operations.
He said he expects the numbers to continue to grow through the end of the decade.
The report said the hotel market bottomed out in 2003 and has been recovering since then.
Lodging developers in high density central business districts and in popular resort destinations along both coasts are often benefiting from the boom in residential real estate, the report said.
A trend noted by the report was that the development of larger hotels in the top 25 markets and in major resort destinations almost always include a residential component.
Report by David Wilkening
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