STR: US hotel pipeline for February 2017
 
STR: US hotel pipeline for February 2017
14 MARCH 2017 8:00 AM

The United States reported 578,508 rooms in 4,775 hotel projects under contract during February 2017, which is a 16.3% year-over-year increase compared with February 2016.

HENDERSONVILLE, Tennessee—STR’s February 2017 Pipeline Report shows 578,508 rooms in 4,775 hotel projects Under Contract in the United States. The total represents a 16.3% increase in the number of rooms Under Contract compared with February 2016.

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 In Construction stage, the U.S. reported 194,455 rooms in 1,481 projects. Based on the number of rooms, that is a 29.3% increase in year-over-year comparisons.

“Hotel development activity continues to ramp up, and we’re now just 8% below the all-time construction peak reached in 2007,” said Bobby Bowers, STR’s senior VP for operations. “As expected, all of the new supply entering the market is affecting occupancy levels and hotelier pricing power.”

Among the Chain Scale segments, Upper Midscale (63,274 rooms in 618 hotels) accounted for the most rooms In Construction followed by Upscale (62,083 rooms in 463 hotels).

“Construction in the limited-service segment hasn’t cooled off, with more than 125,000 rooms being built between Upper Midscale and Upscale,” Bowers said. “Not only does that figure represent roughly two-thirds of all U.S. hotel construction, it also is a 24% increase from last February.”

Despite representing the lowest number of rooms in the pipeline, the Economy segment reported the largest percentage increase for rooms Under Contract (+122.9% to 11,013 rooms).

The Upper Upscale segment reported the largest percentage increase for rooms In Construction (+91.3% to 27,457 rooms).

North America Media Contacts:

Jeff Higley
VP, Digital Media & Communications
jhigley@str.com
+1 (615) 824-8664 ext. 3318

Nick Minerd
Public Relations Manager
nminerd@str.com
+1 (615) 824-8664 ext. 3305

The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editor-in-Chief Stephanie Ricca at sricca@hotelnewsnow.com.

No Comments

Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff.