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April 19, 2017
U.S. Room Construction Approaching Previous Peak
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Under contract data includes projects in the in-construction, final planning and planning stages, but does not include projects in the unconfirmed stage. In the construction stage, the U.S. reported 190,764 rooms in 1,449 projects, a 24.4% rooms increase in year-over-year comparisons. ÒConstruction was actually down a bit from last month, but weÕre still nearing the room construction peak (211,000 rooms) reached in 2007,Ó said Bobby Bowers, STRÕs senior ice president of operations. ÒAlmost half (47.6%) of hotel room construction activity today is occurring in the major markets. And because room construction in 20 of those markets represents 3% or more of their respective existing supply, itÕs no surprise to see muted performance growth.Ó Among the Top 26 markets, New York, New York, reported the most rooms under contract (28,166 rooms) and most rooms in construction (15,911 rooms). ÒThose almost 16,000 rooms account for 8% of all U.S. construction activity and just under 14% of New York CityÕs existing supply,Ó Bowers added. Three additional markets each reported more than 15,000 rooms under contract for the month: Dallas, Texas (18,351 rooms); Houston, Texas (16,774 rooms); and Los Angeles/Long Beach, California (16,510 rooms). Two of those markets reported more than 5,000 rooms in construction: Dallas (7,184 rooms) and Los Angeles/Long Beach (5,924 rooms). Two markets each reported fewer than 1,000 rooms in construction: Norfolk/Virginia Beach, Virginia (456 rooms), and Oahu Island, Hawaii (180 rooms). Copyright 2017 Marketing & Technology Group. All rights reserved. From http://www.hotelsmag.com. By Jeff Weinstein.
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