CHICAGO—Over the next 12 months, the supply of hotel rooms within the U.S. market is forecasted to grow 3.71%, according to Hotel Market Data Index. More than 1,100 hotels are slated to be constructed within the next year, which could result in approximately 150,000 new rooms becoming available within the U.S. market in 2016.
HMD Index, a provider of real-time supply and construction pipeline data of the U.S. hotel industry, has identified Cleveland, Pittsburgh and New York City as the top three markets in terms of growth rate. HMD Index’s projected growth rates are 12.74%, 10.28%, and 9.75%, respectively. Further, they shared that the Cleveland and Pittsburgh MSA regions are each projected to see more than 2,300 new rooms become available; the New York City MSA region anticipates nearly 17,000 new rooms opening in 2016.
The newly merged Marriott International-Starwood Hotels & Resorts could create more than 36,000 new rooms by January 2017, increasing its total U.S. room supply by 5.28%. Hyatt Hotels Corporation is expected to increase its supply by 7.23% with more than 7,500 new rooms, and Hilton Worldwide could see a 5.99% increase of 36,000 new rooms by the end of Q4 2016.
The HMD Index’s real-time hotel supply and construction pipeline data is driven by Hotel Market Data’s construction reports, profiles and analytics.