As seen in the Q1 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the first quarter, there are 6,065 projects with 702,990 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and a 7% YOY increase in rooms compared to last year.
The details can be seen directly within the stages of the pipeline, which all saw YOY growth in Q1. Presently, there are 1,144 projects comprising 141,336 rooms under construction, marking a 9% increase in projects and a 1% increase in rooms YOY. Projects slated to start construction in the next 12 months total 2,259 projects with 260,968 rooms, reflecting a 10% rise in projects and an 8% increase in rooms YOY.
