The current U.S. Building Pipeline Development Report from Lodging Econometrics (LE) reported that, on the shut of the primary quarter, the highest 5 markets with the biggest resort development pipelines had been led by Dallas with 185 tasks/21,882 rooms, barely beneath record-highs recorded on the finish of This autumn 2023. Subsequent is Atlanta, with an all-time excessive of 153 tasks with 17,929 rooms, then Nashville with 127 tasks/16,199 rooms. Phoenix follows with 123 tasks/16,198 rooms, and the Inland Empire with a brand new record-high 121 tasks/12,324 rooms.
U.S. markets with the best variety of tasks already below development on the Q1 shut had been New York with 47 tasks/7,655 rooms, Dallas with 25 tasks/3,059 rooms, and Nashville with 22 tasks/2,828 rooms. Atlanta has 21 tasks/2,588 rooms and the Inland Empire presently has 20 tasks/2,181 rooms below development. Dallas has essentially the most tasks scheduled to begin within the subsequent 12 months, with 77 tasks/9,269 rooms. Following Dallas are Atlanta with 56 tasks/6,656 rooms; Phoenix, with 56 tasks/6,853 rooms; the Inland Empire with 54 tasks/5,369 rooms; and Nashville, with 49 tasks/6,600 rooms. Nationally, early planning venture and room counts hit a brand new all-time excessive with 2,662 tasks/300,686 rooms. On the finish of Q1, Dallas led the USA with the biggest variety of tasks in early planning at 83 tasks/9,554 rooms. Atlanta adopted, with 76 tasks/8,685 rooms. Subsequent was Nashville with 56 tasks/6,771 rooms; Austin with 51 tasks/5,608 rooms; and Orlando with 49 tasks/11,442 rooms.
Within the high 25 U.S. markets, a complete of 105 new pipeline tasks, accounting for 10,219 rooms, had been introduced throughout 2024’s first quarter. The main markets for brand spanking new venture bulletins (NPAs) included New York with 12 tasks/1,660 rooms, Orlando with 11 tasks/2,706 rooms, Atlanta with 10 tasks/1,139 rooms, Denver with 8 tasks/2,013 rooms, and the Inland Empire with 8 tasks/886 rooms.
Renovation and model conversion exercise continued to extend all through the USA in Q1. Throughout the first quarter, 2,041 tasks/266,405 rooms had been within the renovation/conversion pipeline. In Q1, Los Angeles had the biggest rely of mixed renovation and conversion tasks with 31 tasks/4,857 rooms. New York, Atlanta, and Chicago adopted, every with 30 tasks and accounting for 8,020 rooms, 3,488 rooms, and eight,128 rooms, respectively. Phoenix has 28 tasks/5,100 rooms below renovation and conversion on the shut of the primary quarter.
Within the first quarter, 114 new resorts/15,506 rooms opened in the USA, of which 60 resorts/10,036 rooms opened within the high 50 markets. LE is forecasting these similar 50 markets to open one other 255 tasks/30,502 rooms over the subsequent three quarters, for a complete of 315 tasks/40,538 rooms in 2024.
In 2024, New York Metropolis tops the brand new resort openings chart with 26 new resorts anticipated to open with 2,910 rooms, adopted by Dallas with 16 new resorts/2,013 rooms, Inland Empire with 15 new resorts/1,559 rooms, Atlanta with 14 new resorts/2,732 rooms, and Orlando with 13 new resorts/2,364 rooms. Within the 2025 forecast, LE analysts count on Atlanta to steer new resort openings with 20 new resorts/2,141 rooms, adopted by Dallas with 20 new resorts/2,092 rooms, then Houston with 19 new resorts/1,962 rooms. Phoenix and New York spherical out the highest markets with 18 new resorts/2,912 rooms and 17 resorts/2,906 rooms, respectively.
