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US hotel construction sets new record
Hotels in the US set new records with 5,011 properties adding almost 655,000 rooms last year.
Hotel companies reaped the rewards of repositioning strategies, said Econometrics in its latest report on the lodging industry.
The third quarter of last year was the fifth consecutive record-setting quarter, the agency said.
“Guestroom counts in the Pipeline are 31% higher than the last peak in 1999,” said Patrick Ford, President of Lodging Econometrics. He added:
“However, the project count is an astonishing 47% greater.”
He said new project announcements during the third quarter are at a record high of 817 projects of 102,305 rooms.
‘Surpassing 5,000 projects in the Pipeline is a milestone event,” said Mr Ford. ‘It reflects the surge of select service and mid-market brands developed earlier, as well as a number of new, contemporary brands launched in recent years.
These new properties catering to the changing needs of business and leisure travelers are quickly being adopted by developers, he added.
Mr Ford said that the much-discussed credit crisis has not – as yet – significantly affected those hotels already in the pipeline or impacted developers.
Report by David Wilkening
David
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