Despite the COVID-19 pandemic, construction for U.S. hotels remains strong through the first half of 2020, according to analysts from Lodging Econometrics (LE), a global real estate intelligence firm.
At the end of the second quarter of this year, the total U.S. hotel construction pipeline included 5,582 projects and 687,801 rooms, which dropped just 1 percent year over year.
Currently, there are 1,771 projects/235,467 rooms under construction, which is an increase of 3 percent and 1 percent, respectively, year over year, LE said.
While there have obviously been opening delays, projects continue to move forward “albeit with extended timelines,” LE said. “As was the case at the end of the first quarter, developers with projects scheduled to start construction in the next 12 months continue to monitor current events and make adjustments to their construction start and opening dates.”
During the first half of 2020, 313 new hotels with 36,992 rooms debuted in the U.S. and 81 new projects with 56,823 rooms were announced; 169 new project announcements and 20,359 rooms taking place in the second quarter.
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