Portsmouth, N.H. — According to the most recent Lodging Econometrics (LE) Construction Pipeline Trend report on New York City, the Big Apple has a total of 155 hotel projects totaling 26,605 rooms in the construction pipeline, making it among the top three largest pipelines in the United States. Of this total, 102 hotels totaling 17,504 rooms are currently under construction, 23 projects totaling 3,637 rooms are scheduled to start construction in the next 12 months, and 30 projects totaling 5,464 rooms are in the early planning stages.
The three market tracts within the region with the largest hotel construction pipelines are: Midtown South, the area between 24th and 36th Streets, with 33 projects/7,620 rooms; the greater New York City Area, which includes Brooklyn, the Bronx, and Staten Island, with 28 projects/2,436 rooms; and the East River area, which includes Queens and Brooklyn West, with 27 projects/4,499 rooms. These three market tracts combined account for 55 percent of the rooms in New York City’s total construction pipeline.
The market tracts in New York City with the most projects presently under construction are Midtown South with 25 projects/6,012; the East River area with 18 projects/2,925 rooms; and JFK/Jamaica—which includes the area of Queens from the Grand Central Parkway south, the JFK Airport area, and Jamaica—with 15 projects/2,055 rooms.
LE’s forecast for new hotel openings predicts that New York City will lead the nation in new hotel openings in 2019 with 41 projects/6,809 rooms. In 2020, New York is again forecast to top the list of new hotel openings with 61 projects/8,283.