Number of U.S. Hotel Rooms Under Construction Skyrockets by 44 Percent
There were 108,534 hotel rooms under construction in the U.S. in July, a year-over-year increase of 43.5 percent, according to the July 2014 STR Pipeline Report. Overall, 3,228 projects are under contract in the U.S. pipeline, totaling 388,359 rooms, a 12.3 percent gain since July 2013. The surge in rooms under construction was led by the upscale segment, which shot up by 53.1 percent year-over-year, and the unaffiliated segment, which grew by 51.9 percent. The upper-upscale, upper midscale and midscale segments all revealed gains exceeding 40 percent; luxury was the only segment that slowed, dropping by 23.8 percent compared with July 2013.