LE: New York Leads High 50 U.S. Markets in Under-Construction Resorts
Lodging Econometrics (LE) released one of the up-to-date resort improvement for the New York market sooner than the NYU Global Hospitality Industry Funding Convention (NYU Convention).
Within the Q1 2024 LE Market Construction File for New York, analysts document the market had 78 initiatives/13,549 rooms in the resort constructing pipeline, the Tenth largest pipeline by initiatives of any market in the US.
Of the head 50 markets in the US, the New York market led with the preferrred assortment of motels currently below constructing standing at 47 initiatives/7,655 rooms. Initiatives scheduled to originate constructing in the subsequent twelve months total 8 initiatives/1,079 rooms, and these in early planning memoir for 23 initiatives/4,815 rooms.
Interior the New York market, the three market tracts (submarkets) with the largest resort constructing pipelines are the New York Metropolis web site, which incorporates Brooklyn East, the Bronx, and Staten Island, with 25 initiatives/2,096 rooms; the Midtown South web site with 11 initiatives/2,535 rooms; and the Midtown West/Times Sq. web site with 10 initiatives/4,131 rooms. These three market tracts blended memoir for 59 p.c of the initiatives and 65 p.c of the rooms in the market’s total constructing pipeline.
The market tracts with one of the initiatives currently below constructing are the New York Metropolis web site with 16 initiatives/1,261 rooms, Midtown South with 7 initiatives/1,515 rooms, and the JFK airport/Jamaica web site with 7 initiatives/851 rooms.
All one of the best seemingly blueprint thru the foremost quarter of 2024, the New York market outpaced all others in the US with one of the best seemingly assortment of latest initiatives added; with 12 initiatives totaling 1,660 rooms. The New York market additionally used to be the main marketplace for constructing starting in Q1 2024.
At the head of Q1 2024, the market additionally had a worthy amount of conversion and renovation job, rating as the third-largest market in the US by project quantity for a blended renovation and conversion total of 30 initiatives/8,020 rooms.
In Q1 2024, the New York market ranked seventh among the head 50 markets in the US for newly opened motels. Attempting forward, forecasts remark that it will steer the nation in resort openings in some unspecified time in the future of the final three quarters of the year. LE’s total forecast for recent resort openings in the New York market in 2024 is 26 initiatives/2,910 rooms. In 2025, the market will infamous sixth in forecasted unique resort openings, with 17 initiatives/2,409 rooms.
