The amount of hotels being built in the United States is going up. According to a report from Hotel News Resource the construction of hotels is up over 16 percent compared to last year, and there are currently over 4,700 projects in the works.
Bobby Bowers, STR’s senior VP of operations explained further.
“A little more than 31 percent of all U.S. hotel construction is occurring in 10 major markets. Consistent demand generators no doubt make these markets attractive for new development, but at the same time, several are seeing occupancy levels and pricing power pressured by the influx of new supply.”
New York state is seeing biggest rise in hotel development, making up eight percent of all construction in the U.S. Other cities that are currently undergoing hotel growth include Dallas, Los Angeles, Seattle, Houston, Las Vegas, Denver, Washington D.C., Nashville, and Chicago.