LE: U.S. construction pipeline hit record high in first quarter of 2024 - 0 views
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asianhospitality on 26 Apr 24THE U.S. CONSTRUCTION pipeline reached a record level in the first quarter of 2024, according to Lodging Econometrics. The pipeline included 6,065 hotels with 702,990 rooms, showing a 9 percent year-over-year rise in hotels and a 7 percent increase in rooms compared to the previous year. Furthermore, each stage of the pipeline saw year-over-year growth in the first quarter. LE's Q1 2024 U.S. Hotel Construction Pipeline Trend Report showed 1,144 hotels under construction, totaling 141,336 rooms-a 9 percent rise in hotels and a 1 percent increase in rooms compared to the previous year. Hotels set to begin construction in the next 12 months total 2,259, comprising 260,968 rooms, reflecting a 10 percent increase in hotels and an 8 percent rise in rooms year over year, the report said. Both hotel and room counts in the early planning stage increased by 9 percent year over year, reaching record-high figures of 2,662 hotels and 300,686 rooms, respectively.