WASHINGTON – 18 July 2024 – The volume of U.S. hotel rooms under construction reached its highest level in 16 months, according to CoStar’s latest June 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
U.S. Hotel Pipeline
June 2024 (percentage change from June 2023)
- In construction: 157,713 rooms (+5.5%)
- Final Planning: 266,619 rooms (+9.8%)
- Planning: 333,827 rooms (+38.7%)
“The number of rooms in construction has grown year over year for four consecutive months,” said Isaac Collazo, STR’s VP, analytics. “While upscale and upper midscale continue to dominate, accounting for about 50% of all rooms in the final phase of the pipeline, the pace of activity in these segments has slowed compared to last year. Midscale and economy have shown the most growth, up 42% and 34%, respectively, with newer brands and extended-stay accounting for most of the new construction across the midscale segment.”
Chain Scale Segments (% of existing supply, in-construction room count)
1. Luxury (4.5%, 6,760 rooms)
2. Upper Upscale (2.7%, 19,023 rooms)
3. Upscale (4.0%, 36,806 rooms)
4. Upper Midscale (3.5%, 40,954 rooms)
5. Midscale (2.9%, 14,900 rooms)
6. Economy (1.3%, 8,384 rooms)
For more information about the company and its products and services, please visit www.costargroup.com.
