Watch out for these areas of growth.
For those in the hospitality industry, identifying markets of new growth is incredibly important. In the United States, analysts at Lodging Econometrics reported the top five markets that are showing the most considerable growth in hotel construction. Here are the five U.S. cities that you need to watch.
1) New York City, New York
New York City has the largest hotel construction pipeline with 170 projects currently underway and 145 projects scheduled to begin in the next 12 months. In 2018, the city saw the opening of 29 new hotels.
2) Dallas, Texas
Dallas stands at 157 hotel construction projects with 112 projects scheduled to begin in the next 12 months. In 2018, the city saw the opening of 29 new hotels.
3) Houston, Texas
Houston has 150 projects in its hotel construction pipeline, with 103 projects scheduled in the next 12 months. In 2018, the city saw the opening of 27 new hotels.
4) Los Angeles, California
The city of Los Angeles currently stands at 141 hotel construction projects with 92 projects scheduled in the next 12 months. In 2018, the city saw the opening of 12 new hotels.
5) Nashville, Tennessee
Rounding out the top five, Nashville currently has 115 hotel construction projects in its pipeline with 88 projects scheduled in the next 12 months. In 2018, the city saw the opening of 22 projects (4th on this list).
This is a breakdown of the top five U.S. markets for hotel construction. Are you interested in learning more about the major hotel construction trends in the industry? Then get the information you need by meeting and connecting with all the top California lodging professionals at the California Lodging Investment Conference. Contact us today to learn more about this fantastic informational and networking event.
