Accommodation Econometrics (LE) launched the newest lodge building for the New York marketplace sooner than the NYU Global Hospitality Trade Funding Convention (NYU Convention).
Within the Q1 2024 LE Marketplace Pattern File for New York, analysts record the marketplace had 78 tasks/13,549 rooms within the lodge building pipeline, the tenth greatest pipeline by means of tasks of any marketplace in the USA.
Of the highest 50 markets in the USA, the New York marketplace led with the best collection of lodges right now beneath building status at 47 tasks/7,655 rooms. Tasks scheduled to begin building within the subsequent twelve months general 8 tasks/1,079 rooms, and the ones in early making plans account for 23 tasks/4,815 rooms.
Throughout the New York marketplace, the 3 marketplace tracts (submarkets) with the most important lodge building pipelines are the New York Town space, which contains Brooklyn East, the Bronx, and Staten Island, with 25 tasks/2,096 rooms; the Midtown South space with 11 tasks/2,535 rooms; and the Midtown West/Instances Sq. space with 10 tasks/4,131 rooms. Those 3 marketplace tracts blended account for 59 % of the tasks and 65 % of the rooms available in the market’s general building pipeline.
The marketplace tracts with essentially the most tasks right now beneath building are the New York Town space with 16 tasks/1,261 rooms, Midtown South with 7 tasks/1,515 rooms, and the JFK airport/Jamaica space with 7 tasks/851 rooms.
All through the primary quarter of 2024, the New York marketplace outpaced all others in the USA with the absolute best collection of new tasks added; with 12 tasks totaling 1,660 rooms. The New York marketplace additionally was once the main marketplace for building beginning in Q1 2024.
On the finish of Q1 2024, the marketplace additionally had a noteworthy quantity of conversion and renovation job, rating because the third-largest marketplace in the USA by means of mission quantity for a blended renovation and conversion general of 30 tasks/8,020 rooms.
In Q1 2024, the New York marketplace ranked 7th a few of the most sensible 50 markets in the USA for newly opened lodges. Taking a look forward, forecasts point out that it’s going to lead the country in lodge openings during the remainder 3 quarters of the yr. LE’s general forecast for brand new lodge openings within the New York marketplace in 2024 is 26 tasks/2,910 rooms. In 2025, the marketplace will rank 6th in forecasted new lodge openings, with 17 tasks/2,409 rooms.