LE: U.S. hotel construction on the rise

Lodging Econometrics reported that construction pipeline projects in the U.S. continue to increase, standing at 5,545 hotels with 658,207 rooms at the close of Q1 2023. Up 9 percent by both projects and rooms year over year, project totals at Q1 '23 are just 338 projects, or 5.7 percent, behind the all-time high of 5,883 projects recorded in Q2 2008.

STR: U.S. hotel results for week ending 22 April

U.S. hotel performance increased from the previous week, according to STR‘s latest data through 22 April.

• Helped by group demand, which was the third highest of the pandemic-era, the occupancy and RevPAR levels were the second highest of the year, behind the week ending 18 March.
• Among the Top 25 Markets, Chicago saw the highest year-over-year increases in each of the key performance metrics: occupancy (+23.9% to 72.2%), ADR (+29.6% to US$174.71) and RevPAR (+60.6% to US$126.13).
• Of note, New York City (82.1%) and Las Vegas (80.8%) were the only two markets to report occupancy above 80%.
• The steepest RevPAR declines were seen in Miami (-20.7% to US$181.17) and Tampa (-8.9% to US$139.51).

16-22 April 2023 (percentage change from comparable weeks in 2022, 2019):

• Occupancy: 67.2% (2.3%, -2.2%)
• Average daily rate (ADR): US$155.76 (+4.2%, +20.1%)
• Revenue per available room (RevPAR): US$104.64 (+6.6%, +17.4%)