New York, Houston, Dallas Lead Hotel Pipeline
The number of U.S. hotel rooms under contract is up 11 percent over last year, according to the July 2015 STR Pipeline Report, led by New York City, Houston and Dallas. The surging New York market maintains a sizable lead over all other U.S. cities, with 31,191 rooms in the pipeline, well ahead of both Houston (18,573 rooms) and Dallas (12,285 rooms). New York likewise has the most rooms under construction, with 14,376, compared with second-place Houston's 6,970 rooms being built.
Across the U.S., 3,597 projects are in the pipeline, for a total of 430,917 rooms. The 129,155 rooms under construction represent a 19 percent increase over July 2014. STR's top 25 markets account for nearly half of the total current hotel construction in the country.
"Twenty-one of the Top 25 Markets experienced higher room construction numbers when compared with July 2014," said Bobby Bowers, STR's senior VP of operations. "Room construction in five of those markets -- New York, Houston, Las Vegas, Los Angeles/Long Beach and Miami -- accounted for nearly one-quarter of all U.S. construction activity."