November 10, 2022 – PORTSMOUTH, NH
As Lodging Econometrics (LE) prepares to attend the 2022 Boutique Design New York (BDNY) conference in New York City, LE releases the latest on hotel development for the New York City market. LE also has available hotel development information on any market in the United States or any other market in the world.
At the close of the third quarter of 2022, LE analysts report that the New York City market has a total of 102 projects/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 projects/20,676 rooms, the Los Angeles market with 118 projects/19,062 rooms, and the Atlanta market with 139 projects/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 projects/11,781 rooms. Projects scheduled to start construction in the next 12 months stand at 10 projects/1,733 rooms, and those in early planning are at 23 projects/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 projects/2,073 rooms; the East River area, which includes Queens and Brooklyn West, with 14 projects/2,622 rooms; and the JFK area, which includes the area by the airport and Jamaica, with 14 projects/2,248 rooms. These three market tracts combined account for 55% 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 projects/1,228; the JFK/Jamaica area with 12 projects/1,924 rooms; and the East River area with 10 projects/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/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 projects/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 projects/7,208 rooms.