All stages of hotel construction in the US experienced positive YOY growth through Q4, according to the most recent Construction Pipeline Trend Report from Lodging Econometrics.
Rooms under construction are up 4% by projects and 3% by rooms YOY. Projects scheduled to start construction in the next 12 months are up 14% by projects and 12% by rooms YOY. Projects and rooms in the early planning stage increased 18% and 17% YOY, respectively, reaching all-time high counts of 2,348 projects/279,912 rooms.
LE said the 2023 outlook remains strong, "as it continues to recover from the lows experienced throughout the past two years."
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