WASHINGTON – 18 July 2024 – The volume of U.S. hotel rooms under construction reached its highest level in 16 months, according to CoStar’s latest June 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
U.S. Hotel Pipeline
June 2024 (percentage change from June 2023)
- In construction: 157,713 rooms (+5.5%)
- Final Planning: 266,619 rooms (+9.8%)
- Planning: 333,827 rooms (+38.7%)
“The number of rooms in construction has grown year over year for four consecutive months,” said Isaac Collazo, STR’s VP, analytics. “While upscale and upper midscale continue to dominate, accounting for about 50% of all rooms in the final phase of the pipeline, the pace of activity in these segments has slowed compared to last year. Midscale and economy have shown the most growth, up 42% and 34%, respectively, with newer brands and extended-stay accounting for most of the new construction across the midscale segment.”
Chain Scale Segments (% of existing supply, in-construction room count)
1. Luxury (4.5%, 6,760 rooms)
2. Upper Upscale (2.7%, 19,023 rooms)
3. Upscale (4.0%, 36,806 rooms)
4. Upper Midscale (3.5%, 40,954 rooms)
5. Midscale (2.9%, 14,900 rooms)
6. Economy (1.3%, 8,384 rooms)
For more information about the company and its products and services, please visit www.costargroup.com.
News Media Contact
Haley Luther
Senior Communications Manager – STR
(216) 278-0627
hluther@str.com
ABOUT COSTAR GROUP, INC.
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attracted 170 million quarterly average monthly unique visitors for the first quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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