This week in Hospitality & Tourism #29 2022
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U.S. hotel construction continued on a downward trajectory in June
While U.S. hotel construction has declined for seven consecutive months, rooms in construction in both New York City and Nashville represent a significant percentage of those markets’ existing supply. Additionally, planning activity continues to rise nationally, albeit at a slower pace, with markets such as Miami, Nashville and Phoenix showing increased interest from developers, according to STR.
U.S. Hotel Pipeline June 2022 (percentage change in comparison with June 2021):
- In Construction: 149,198 rooms (-20.1%)
- Final Planning: 178,809 rooms (-11.3%)
- Planning: 281,190 rooms (+6.1%)
New York City leads the major markets in rooms in construction as a percentage of existing supply.
- New York (10.8%, 13,568 rooms)
- Nashville (7.0%, 3,939 rooms)
- Phoenix (6.3%, 4,388 rooms)
- Atlanta (5.5%, 5,991 rooms)
- Detroit (5.1%, 2,382 rooms)
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STR: U.S. hotel results for week ending 16 July
After two consecutive weeks of lower demand around the Fourth of July holiday, U.S. hotel performance bounced back from the previous week, according to STR‘s latest data through 16 July.
- Among the Top 25 Markets, San Diego reported the only occupancy increase over 2019 (+1.0% to 89.9%).
- Miami posted the largest ADR gain over 2019 (+29.9% to US$204.15).
3-9 July 2022 (percentage change from comparable week in 2019):
- Occupancy: 72.0% (-7.4%)
- Average daily rate (ADR): US$157.23 (+14.9%)
- Revenue per available room (RevPAR): US$113.28 (+6.4%)
