Asian American Hotel Owners Association recently issued the following announcement.
The demand for hotel rooms is projected to increase as more people make plans to travel across the country. Lodging Econometrics (LE) recently analyzed eleven markets in the U.S. and forecasted 230 hotel projects/32,599 hotel rooms to open in those markets this year. Leading the charge in projected hotel openings for 2022 is the New York market with 77 projects/10,934 rooms. If all these rooms open, the New York market is expected to experience a 9% supply growth rate. The Austin market follows with 26 projects/3,387 rooms, and Atlanta is next with 20 projects/2,165 rooms for the year. Many hotel projects in these markets were delayed over the last two years. Additionally, LE is projecting 149 hotel projects/19,304 hotel rooms to open in these same markets in 2023. As pandemic restrictions lift, developers are adapting to the new business climate to move forward this year successfully.
Read More on Lodging Econometrics Market Projections
Original source can be found here.
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