Within the Q1 2023 U.S. Development Pipeline Development Report launched by Lodging Econometrics (LE), LE analysts report, that as a gaggle, year-over-year the lodge building pipeline has grown within the Prime 25 Markets within the U.S. The highest 5 U.S. markets with the biggest lodge building pipelines on the shut of the primary quarter are led by Dallas with, record-high mission and room counts of 184 tasks/21,810 rooms. Following are Atlanta with 144 tasks/18,242 rooms, Los Angeles with 118 tasks/19,066 rooms, Phoenix with 117 tasks/16,100 rooms, and Nashville with 115 tasks/15,354 rooms.
Markets with the best variety of tasks already beneath building on the Q1 shut are New York with 54 tasks/8,682 rooms, Atlanta with 26 tasks/4,278 rooms, and the Inland Empire with 26 tasks/2,584 rooms. Dallas has 25 tasks/3,739 rooms whereas Phoenix has 24 tasks/5,155 rooms tasks presently beneath building.
Dallas has essentially the most tasks scheduled to start out within the subsequent 12 months with 70 tasks/8,076 rooms, adopted by Atlanta with 61 tasks/7,464 rooms, Los Angeles with 45 tasks/6,894 rooms, Phoenix with 45 tasks/5,472 rooms, after which the Inland Empire with 41 tasks/4,173 rooms.
Nationally, early planning tasks and room counts hit a brand new all-time excessive at Q1 with 2,434 tasks/276,274 rooms. Yr-over-year, the Prime 25 markets within the U.S., as a gaggle, have seen a ten% progress in early planning tasks. The markets with essentially the most tasks in early planning on the shut of the primary quarter are once more led by Dallas with 89 tasks/9,995 rooms, then Nashville with 59 tasks/7,182 rooms, Atlanta with 57 tasks/6,500 rooms, Los Angeles with 56 tasks/9,433 rooms, and Phoenix with 48 tasks/5,473 rooms.
Model conversion and renovation exercise continues to be a major focus within the lodging {industry}. Within the first quarter of 2023, LE recorded record-high renovation and model conversion totals of 1,953 lively tasks/253,533 rooms. The markets with the biggest rely of mixed renovation and conversion tasks are Atlanta with 41 tasks/4,427 rooms, Houston with 38 tasks/3,969 rooms, Chicago with 34 tasks/4,572 rooms, Dallas with 31 tasks/3,807 rooms, then San Diego with 28 tasks/4,238 rooms.
New mission bulletins have been gradual to return to pre-pandemic mission counts. Nonetheless, building begins within the whole U.S. pipeline rose 20% by tasks and 30% by rooms YOY.
Within the first quarter, Nashville has the best variety of new tasks introduced into the pipeline with 14 tasks/1,847 rooms. Dallas follows with 11 tasks/1,576 rooms, then Atlanta with 10 tasks/1,146 rooms, Austin with 9 tasks/1,201 rooms, and Phoenix with 9 tasks/885 rooms.
LE is forecasting the highest 50 markets to open 319 new inns/42,743 rooms in 2023. LE analysts anticipate that new lodge openings will proceed to rise throughout the prime 50 U.S. markets, forecasting 327 new inns/43,525 rooms to open via 2024.
Within the 2023 forecast, analysts anticipate New York to steer with the best variety of new inns to open with 43 accounting for 7,219 rooms, adopted by Dallas with 14 new lodge tasks/2,268 rooms, and the Inland Empire with 14 new inns/1,377 rooms. For 2024, LE analysts forecast the Inland Empire to open essentially the most new inns, with 22 new lodge tasks/2,191 rooms anticipated to open. Following the Inland Empire, Atlanta is forecasted to open 21 new lodge tasks/3,356 rooms in 2024, then Dallas with 18 new lodge tasks/1,973 rooms.
About Lodging Econometrics (LE)
For over 25 years, Lodging Econometrics (LE) has been the industry-leading supplier of worldwide lodge intelligence and decision-maker contact info. LE custom-builds enterprise growth database applications for lodge franchise firms seeking to speed up their model progress, lodge possession and administration firms in search of to broaden their actual property portfolios, and lodging {industry} distributors wanting to extend their gross sales. To be taught extra about our enterprise growth applications contact us: +1 603.431.8740, ext 0025 or [email protected]
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