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US Hotel Construction and Renovation Surge Expected This Year
09.01.2024 - 01:12 / travelpulse.com / Laurie Baratti
The U.S. hotel industry is gearing up for a robust year ahead, with a notable surge in construction projects and renovation activities. Fresh insights from Lodging Econometrics (LE) highlight the burgeoning growth trajectory of the sector.
By the close of the third quarter, the U.S. boasted 59,569 operational hotels, offering a total of 5,647,346 rooms. The year 2023 witnessed the launch of 345 new hotels, equivalent to 41,114 rooms. The hotel intelligence company had anticipated the addition of 182 hotels and 24,790 rooms in the fourth quarter of 2023, although it did not specify whether that watershed had been reached by year-end.
If those projections reached fruition, the nation's hotel landscape would now encompass 59,751 hotels and 5,672,136 rooms, marking a 1.2 percent year-over-year increase. Looking ahead to 2024, LE projected a steady incremental growth with 664 new hotels and 79,286 rooms, reflecting a 1.4 percent rise year-over-year.
Delving deeper into the construction pipeline, the data reveals that, as of 2023’s Q3, 1,063 projects, encompassing 140,331 rooms, were in progress. This equates to an eight percent growth in projects and a four percent uptick in rooms year-over-year. The momentum is expected to intensify this year, as 2,234 projects, housing 257,729 rooms, are slated to commence construction in 2024—a remarkable eight percent and nine percent rise in projects and rooms respectively year-over-year.
From another standpoint, the industry is sitting just shy of hitting an all-time high in terms of projects in their early planning stages. Those currently number 2,407, with 274,616 rooms, representing a seven percent growth year-over-year. These figures come tantalizingly close to breaking previous records, falling short by just 27 projects and 5,296 rooms.
In a separate but related trend, the realm of renovations and conversions is experiencing an unprecedented boom. As of Q3 2023, a staggering 1,100 projects and 146,757 rooms were undergoing refurbishments or transformations. The momentum remains robust, with the active renovation and conversion pipeline swelling to 1,912 projects and 258,568 rooms—marking a record high in the latter category. LE’s are optimistic these favorable trends will continue, predicting they’ll persist over the next two years.
However, amidst these growth figures, the employment landscape within the leisure and hospitality sector remains depressed since pre-pandemic times. December 2023 saw the modest addition of 40,000 industry jobs. Throughout 2023, the sector averaged a monthly addition of 39,000 jobs—a figure that pales in comparison to the robust addition of 88,000 positions added monthly throughout 2022.
During the very last week of 2023, U.S.
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