Newsweek’s Post

More than 6,300 new hotels were in the U.S. construction pipeline at the end of April, a 10% increase from the same time last year, including projects proposed, in the final planning phases and getting built. While the number of hospitality properties that are under construction has remained relatively flat, the number of proposed/final planning projects increased 15% year over year. Nearly 60% of these pipeline projects are located in just 10 states. Unsurprisingly the two largest states account for the majority of pipeline properties with Texas claiming the largest share with over 800 and California following with over 700. However, several smaller states have seen a significant increase in proposed projects, including Georgia and Tennessee, with over a 26% increase from the same time last year. In total, more than 1,280 hotel projects were under construction in the U.S. at the end of April, accounting for more than 152,850 rooms. New York City had 18 hotel construction projects adding 4,028 rooms, and Austin, Texas, had 14 hotel projects, adding 1,507 rooms as the two top under-construction markets. The new hotels in Austin heavily favor Upper Midscale properties flying the Hilton and Wyndham flags, while New York City's new hotels are largely in the Upscale/Upper Upscale class segments operated as independently branded properties.

The latest article from Construction Dive highlights the strong momentum in the hotel construction pipeline for Q2 2024. This is fantastic news for everyone in the construction market! More projects mean more opportunities to innovate and build better. #HotelConstruction #ConstructionGrowth #InnovativeBuilding #BuildBetter #ConstructionNews

There's so much new content up on Hotel Management's website! The July/August issue is officially out, complete with a look at construction. With investment costs for a new hotel 35%-67% higher than five years ago and ROI 15%-40% less in the same time frame, you might be interested to know how to combat challenging construction costs. The link to the full online issue is in the comments!

Record projects in the pipeline and lowering interest rates show a positive trend. In 2023, the U.S. had 474 new hotels, a 1.1% growth. In 2024, LE analysts expect the existing supply of hotels in the U.S. to increase 1.4%. Forecasts show this growth trajectory will continue through 2025, and further growth anticipated for 2026 and beyond.

Excited to share my insights on the rising construction costs in the hotel industry featured in Esther Hertzfeld article "How to Combat Challenging Construction Costs" in Hotel Management magazine. In it, I discuss the historical increase in costs and the ongoing challenges developers face, alongside potential strategies for successful project completion despite economic headwinds. #hvs #hvsamericas #hotelconstruction #hoteldevelopment

Modular hospitality… fast and efficient in a growing market.

Dig deeper to hotel construction and reconstruction in Perm city 😎 “For owners, hotel construction is a chance to create something unique yet practical that has the potential to bring huge returns for years to come. For contractors, it’s a chance to build something at scale that is prominent, lasting and can open the door for more work in the future”. #projectmanagement#construction#

The Global Construction Pipeline Ascends to Record Project Counts at 2023 Year-End https://loom.ly/a-5nHVM #yearend #global #construction #pipeline #hospitality #hospitalitypodcast #hotel #investing #hoteldesign #travel #hospitalityindustry #hospitalitymanagement #hospitalitymarketing #hoteliers #hospitalitystrong #hospitalitylife #hospitalitybusiness #hotelindustry #hotelsandresorts #hotellife #hospitalitynews #novacancynews

    Stephen Overcash talks about how to tame construction costs with creative efficient design in the latest edition of Today's Hotelier. Hoteliers and their design team can work closely with contractors from the start of a project to be most successful. Read at the link below. #commercialconstruction #architecturaldesign #hospitality #hotelconstruction #hotelarchitecture #constructionanddevelopment #aahoa                

Suffolk Construction uses Touchplan’s collaborative planning platform to build a high-end, three-building luxury resort hotel in a remote Florida location. #TouchplanForHospitality #constructionplanning #constructionsoftware #crewplanning #pullplanning