As one of the worlds most visited cities, London doesnt just need a plentiful supply of hotel rooms. It also needs them to meet the needs and expectations of an ever-widening group of business and leisure travelers.
Analysts at Lodging Econometrics (LE) report that in the third quarter of 2018 the total construction pipeline in Canada stands at 247 projects/29,954 rooms. Construction pipeline projects are at a cyclical high with an increase of 19 projects year-over-year (YOY).
New pipeline project counts are up 8% while room counts show a 15% increase year-over-year (YOY) when the pipeline stood at 572 projects/156,420 rooms.
For the past four years the opening of dual-branded properties has been very popular among hotel developers. The perceived benefits of building a property with two or more brands are many, including – Efficiencies in the construction of the facility (ex. one laundry room for two hotels) – Efficiencies in the operation of the hotels (ex. shared staffing) etc.
The total pipeline increased a robust 18% by projects and 21% by rooms year-over-year (YOY). In addition, each of the three project stages are at or near the highest project and room counts since LE began recording in the region in 2008.
In October 2018, New York City reported 14,295 hotel rooms in construction, which accounts for 11.7% of its existing supply. Overall, the U.S. reported 194,591 rooms in construction, a 6.2% year-over-year increase.
In the third quarter of 2018, analysts at Lodging Econometrics (LE) report that the top five markets with the largest total hotel construction pipelines are: New York City with 170 projects/29,630 rooms; Dallas with 157 projects/18,954 rooms; Houston with 150 projects/16,473 rooms; Los Angeles with 141 projects/24,129 rooms; and Nashville with 115 projects/15,179 rooms.
The leading brands by project count in the construction pipeline for each of these three companies are IHG's Holiday Inn Express with 422 projects/39,667 rooms, Hilton's Home2 Suites by Hilton with 401 projects/41,958 rooms, and Marriott's Fairfield Inn with 284 projects/27,678 rooms.
Analysts at Lodging Econometrics (LE) report that in the third quarter of 2018 the total U.S. construction pipeline stands at 5,376 projects/650,576 rooms, up 7% from 2017s 5,011 projects/608,837 rooms.
The Hotel Valuation Index analyses economic as well as hotel-market specific demand and supply dynamics to derive indicative values and future growth trends for the top 25 hotel markets in 12 countries in the Asia Pacific region.