This week in Hospitality & Tourism #38 2022

September 23, 2022

Hotel projects and rooms in early planning at an all-time high

The planning of new hotel projects, announced renovations and brand conversions is driving the development rebound of the lodging industry.

In Q2 ’22:

  • 428 new hotel construction projects accounting for 47,034 rooms announced into the pipeline.
  • Total to start construction: 2,009 projects/232,163 rooms scheduled.
  • Projects in the early planning phase: 2,246 projects/258,191 rooms–an all-time high!
  • Renovation or conversion: 1,889 projects/237,420 rooms:
    • Renovations accounted for 895 projects/140,139 rooms.
    • Brand conversions accounted for 994 projects/97,281 rooms.
LE Hotel Planning, Renovations, & Conversions

STR: U.S. hotel results for week ending 17 September

U.S. hotel performance increased from the previous week and showed improved comparisons with 2019, according to STR‘s latest data through 17 September.

  • Among the Top 25 Markets, Norfolk/Virginia Beach reported the highest occupancy increase over 2019 (+6.6% to 70.9%).
  • Miami reported the largest ADR gain over 2019 (+30.7% to US$177.10).
  • The steepest RevPAR declines were in San Francisco (-23.1% to US$203.27) and Houston (-13.0% to US$63.58).

11-17 September 2022 (percentage change from comparable week in 2019):

  • Occupancy: 69.6% (-2.4%)
  • Average daily rate (ADR): US$155.58 (+15.6%)
  • Revenue per available room (RevPAR): US$108.25 (+12.9%)
STR Occupancy Data