The U.S. Hotel Pipeline at the End of Q3 2023
Skift Take
- Top U.S. hotel construction markets in Q3 2023: Dallas, Atlanta, Nashville, Phoenix, and the Inland Empire lead in the number of projects and rooms.
- Hotel renovation and conversion pipeline activity remains strong with 1,912 hotels and 285,568 rooms currently undergoing renovations.
- Notable openings and developments include the Candlewood Extended Stay Suites in Kennesaw, Avenue Hotels & Residences in Coral Gables, Hotel Lucine in Galveston, and Radisson RED Helsinki.
The DJIA rose 511 points, Nasdaq rose 146, the S&P 500 jumped 49 points and the 10-year treasury yield was up .03 to 4.88%. It was nice to see the bounce back in the overall market and lodging stocks rose but one day does not make a trend. SLNA led the lodging stocks with a 9% gain, although that was only up $0.0257 per share. AHT was up 7% while BHR and VCSA both rose 6% on the day.
According to the third quarter United States Construction Pipeline Trend Report from Lodging Econometrics, the renovation and conversion pipeline activity remains strong in the U.S. at Q3 with 1,912 hotels/285,568 rooms presently under renovation or conversion. Forty of the top 50 markets in the U.S. currently have 10 or more hotels undergoing renovation or conversion at the end of the quarter. Atlanta has the greatest number of renovation or conversion projects in the pipeline with a combined total of 40 projects and 4,307 rooms. In the first three quarters of 2023, the U.S. open
