U.S. Forecast for New Hotel Openings
According to a recent Construction Pipeline Trend Report from Lodging Econometrics (LE) there are 841 hotels/95,346 rooms expected to open in the U.S. by the close of 2016, up from the 736 hotels/82,094 rooms that opened in 2015. Through the third quarter of 2016, 594 hotels/68,662 rooms have already opened, with another 247 hotels/26,684 rooms forecast for the remaining quarter.
LE forecasts that new hotel openings will jump to 1,056 hotels/118,638 rooms in 2017 and to 1,243 hotels/138,580 rooms in 2018, just short of the peak of 1,341 hotels/154,257 rooms set in 2008.
Top U.S. Markets for New Hotel Openings in 2017 and 2018
LE reports that the markets forecast to have the largest number of new hotel openings in 2017 by room count are: New York with 8,612, Dallas with 4,114, Houston with 3,390, Los Angeles with 3,178, Charlotte, NC with 2,733, Denver with 2,644, Seattle with 2,582 and Austin, TX with 2,304.
In 2018, the markets forecast to have the largest number of new hotel openings by room count are: New York with 6,895, Houston with 6,149, Dallas with 4,722, Atlanta with 3,268, Nashville, TN with 2,748, Miami with 2,503, Philadelphia with 2,333 and Washington, DC with 2,293.
Canada and Latin America Forecast for New Hotel Openings
According to a recent Construction Pipeline Trend Report from Lodging Econometrics (LE) there are 47 hotels/5,420 rooms expected to open in Canada by the close of 2016, up from the 42 hotels/4,385 rooms that opened in 2015. Through the third quarter of 2016, 36 hotels/3,922 rooms have already opened, with another 11 hotels/1,498 rooms forecast for the remaining quarter.
LE forecasts that new hotel openings will jump to 50 hotels/6,347 rooms in 2017 and to 56 hotels/6,232 rooms in 2018.
In Latin America there are 160 hotels/25,469 rooms expected to open by the close of 2016, up by two hotels from the 158 hotels/24,771 rooms that opened in 2015. Through the third quarter of 2016, 118 hotels/19,816 rooms have already opened, with another 42 hotels/5,653 rooms forecast for the remaining quarter.
LE forecasts that new hotel openings will jump to 189 hotels/32,030 rooms in 2017 and to 211 hotels/32,852 rooms in 2018.
Top Canada and Latin America Markets for New Hotel Openings in 2017 and 2018
The markets forecast to have the largest number of new hotel openings in 2017 by room count in other Americas are: Sao Paulo, Brazil with 1,904, Rio de Janeiro with 1,753, Campinas, Brazil with 1,274, Edmonton, Alberta with 1,111 and Cartagena, Columbia with 944.
In 2018, the markets forecast to have the largest number of new hotel openings by room count are: Campinas, Brazil with 1,672, Sao Paulo, Brazil with 1,524, Bogota, Columbia with 836, Calgary, Alberta with 795 and Curitiba, Brazil with 759.
For more information on what’s ahead for 2017 and beyond, please call Lodging Econometrics to schedule a complimentary consultation (603) 431-8740 ext. 25 or email [email protected]. Make the most of the years of growth ahead.
—JP Ford, SVP, director of global business development, Lodging Econometrics
—Bruce Ford, SVP, director of global business development, Lodging Econometrics
—Tom O’Gorman, VP of sales, Lodging Econometrics
