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U.S. Resort Improvement Hits New Milestone as Pipeline Expands to six,211 Tasks and 722,821 Rooms
Tuesday, October 29, 2024
The U.S. resort development pipeline hits a report excessive with 6,211 tasks, signaling sturdy progress throughout segments and a robust outlook for brand new openings via 2026.
Within the third quarter of 2024, the U.S. resort development pipeline reached report highs, as highlighted in Lodging Econometrics’ (LE) Q3 2024 U.S. Resort Building Pipeline Pattern Report. The whole pipeline now consists of 6,211 tasks with 722,821 rooms, marking a year-over-year improve of 9% in venture depend and seven% in room depend, setting a brand new benchmark for the U.S. resort development pipeline.
By the tip of Q3, 1,185 tasks encompassing 148,716 rooms have been actively underneath development, reflecting an 11% rise in venture depend and a 6% progress in room numbers in comparison with the earlier 12 months. Tasks scheduled to begin throughout the subsequent 12 months comprise 2,209 tasks and 251,797 rooms. Early planning levels hit report ranges with 2,817 tasks and 322,308 rooms, every rising by 17% year-over-year.
Higher midscale stays the dominant section throughout the pipeline, attaining a brand new report with 2,315 tasks and 224,703 rooms. Upscale follows carefully with 1,407 tasks and 174,127 rooms, collectively representing 60% of the whole pipeline. The midscale section additionally noticed robust progress, reaching 928 tasks and 77,600 rooms, up 19% in venture depend and 16% in room depend year-over-year.
Building begins surged in Q3, reaching a peak for 2024 with 181 tasks and 20,840 rooms—an 18% improve in tasks and a 25% increase in rooms year-over-year. Model conversions additionally reached unprecedented ranges, with 1,247 tasks and 120,912 rooms. Alongside 722 renovation tasks including 141,136 rooms, the mixed renovation and model conversion pipeline now totals 1,969 tasks with 262,048 rooms.
By means of Q3, 408 new motels opened with a complete of 48,258 rooms, with a further 223 tasks (23,902 rooms) anticipated to launch by year-end. LE forecasts 631 new motels and 72,160 rooms for 2024, reflecting a 1.3% progress in provide. For 2025, projections embody 759 new motels with 86,264 rooms, marking a 1.5% improve, whereas 2026 anticipates 938 new motels with 101,017 rooms, translating to a 1.8% provide progress.
