LE: NYC has country's fourth largest hotel pipeline

In advance of this weekend's 2022 Boutique Design New York conference, Lodging Econometrics has released the latest statistics on hotel development for the host market. 

At the close of the third quarter of 2022, the New York City market had a total of 102 hotels and 17,805 rooms in the construction pipeline, the fourth largest pipeline by rooms of any market in the U.S. (behind the Dallas market, with 174 hotels and 20,676 rooms, the Los Angeles market with 118 hotels and 19,062 rooms and the Atlanta market with 139 hotels and 17,843 rooms).

Of the top 50 markets in the U.S., the New York market has the greatest number of hotels presently under construction at Q3, standing at 69 hotels and 11,781 rooms. Projects scheduled to start construction in the next 12 months stand at 10 hotels and 1,733 rooms, and those in early planning are at 23 hotels and 4,291 rooms.

The three New York market tracts with the largest hotel construction pipelines are the greater New York City area, which includes Brooklyn East, the Bronx and Staten Island, with 28 hotels and 2,073 rooms; the East River area, which includes Queens and Brooklyn West, with 14 hotels and 2,622 rooms; and the JFK area, which includes the area by the airport and Jamaica, with 14 hotels and 2,248 rooms. These three market tracts combined account for 55 percent of the projects in the market’s total construction pipeline.

The market tracts with the most projects presently under construction are the New York City area, with 18 hotels and 1,228 rooms; the JFK/Jamaica area with 12 hotels and 1,924 rooms; and the East River area with 10 hotels and 1,948 rooms.

For the first three quarters of the year, the New York market has ranked first among the top 50 U.S. markets for the number of new hotels opened in the U.S., with 20 new hotels and 2,537 rooms, and is forecast to open the most new hotels in the fourth quarter as well.

LE’s forecast for new hotel openings predicts that New York City will lead the nation for new hotel openings in 2022 with 38 hotels and 5,066 rooms. In 2023, New York City is again forecast to top the list of new hotel openings in the U.S. with 39 hotels and 7,208 rooms.