STR reports U.S. hotel Pipeline for August 2008
The U.S. hotel development pipeline includes 5,936 hotels with 659,790 rooms according to the August STR/TWR/Dodge Construction Pipeline Report released last week.
This represents a 0.2-percent decrease in rooms over July 2008 and a 16.9-percent increase over August 2007. Of the total pipeline, 199,504 rooms are not currently affiliated with a brand or chain.
Commenting on the regional U.S. pipeline, Duane Vinson, vice president of Smith Travel Research explained, "Development follows those regions with high demand. The West South Central Region, with a 55.3 percent increase in the active pipeline, has seen the number of rooms rented increase by 3.7 percent for the first seven months of the year."
At the close of August, the number of rooms in the pipeline for each STR Region is as follows:
"Financing and high development costs are having a strong impact on projects planned for New England and the Pacific regions,' added Vinson. 'With the collapse or near collapse of many of the nation's largest investment firms, one can only wonder what impact this will have on large number of hotels projects that have been sitting quietly in the final planning stage awaiting an economic recovery."
* Includes those projects In Construction, Final Planning and Planning phases.
** Geographic Regions
Pacific: Alaska - California - Hawaii - Oregon - Washington
Mountain: Arizona - Colorado - Idaho - Montana - Nevada - New Mexico - Utah - Wyoming
West North Central: Iowa - Kansas - Minnesota - Missouri - Nebraska - North Dakota - South Dakota
West South Central: Arkansas - Louisiana - Oklahoma - Texas
East North Central: Illinois - Indiana - Michigan - Ohio - Wisconsin
East South Central: Alabama - Kentucky - Mississippi - Tennessee
Middle Atlantic: New Jersey - New York - Pennsylvania
New England: Connecticut - Maine - Massachusetts - New Hampshire - Rhode Island - Vermont
South Atlantic: Delaware - Florida - Georgia - Maryland - North Carolina - South Carolina - Virginia - Washington DC - West Virginia
About STR/TWR/Dodge Construction Pipeline Report
The Pipeline Report is co-produced by Torto Wheaton Research, Dodge Construction, and the dedicated pipeline team at STR. Available as an annual subscription or a local Market Supply Report, the Pipeline Report is a comprehensive look at new hotel development and existing supply in the U.S. and Canada.
About STR & STR Global
For more than 20 years, Smith Travel Research has been the recognized leader for lodging industry benchmarking and research. Smith Travel Research and STR Global offer monthly, weekly, and daily STAR benchmarking reports to more than 36,000 hotel clients, representing nearly 5 million rooms worldwide. STR is headquartered in Hendersonville, Tenn., and STR Global is based in London. For more information, visit www.smithtravelresearch.com or www.strglobal.com.
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