U.S. Hotel Construction Volume Falls to 20-Quarter Low
Skift Take
CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%.
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CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%. This is a 20-quarter low and a real difference from a year ago. CoStar said the impact of hotel demand trending downward, unrelenting economic uncertainty, and rising construction costs are contributing to this plunge. The majority of the rooms under development are in the Southern US states, most in secondary and tertiary markets.
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