According to STR’s May 2017 Pipeline Report, approximately 580,068 rooms in 4,806 hotel projects are “under contract” in the United States. The total represents a 13.8 percent increase in the number of rooms “under contract” compared with May 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 191,832 rooms in 1,477 projects. Based on the number of rooms, that is a 16.4 percent increase in year-over-year comparisons.
Among the top 26 markets, New York City reported the most rooms “under contract” ( 27,806 rooms) and most rooms “in construction” (15,473 rooms).
Three additional markets each reported more than 15,000 rooms “under contract” for the month: Dallas (18,386 rooms); Houston (16,613 rooms); and Los Angeles/Long Beach (15,663 rooms).
After New York, four other markets reported more than 5,000 rooms “in construction”: Dallas (7,503 rooms); Los Angeles/Long Beach (5,887 rooms); Nashville (5,335 rooms); and Seattle (5,325 rooms).
Two markets each reported fewer than 1,000 rooms “in construction”: Norfolk/Virginia Beach (283 rooms), and Oahu Island, Hawaii (180 rooms).
