Lodging Econometrics Releases Latest NYC Hotel Development Updates

Tribeca and Decrease Manhattan

As Lodging Econometrics (LE) prepares for the 2022 Boutique Style New York (BDNY) meeting in New York Metropolis, it releases the most up-to-date on resort improvement for the New York Metropolis market place. LE also has offered resort enhancement facts on any sector in the United States or any other marketplace in the globe.

At the shut of the 3rd quarter of 2022, LE analysts report that the New York Town sector has a full of 102 tasks/17,805 rooms in the building pipeline, the fourth greatest pipeline by rooms of any marketplace in the United States (behind the Dallas market, with 174 projects/20,676 rooms, the Los Angeles market with 118 jobs/19,062 rooms, and the Atlanta market place with 139 assignments/17,843 rooms).

Of the prime 50 markets in the United States, the New York market has the biggest amount of accommodations presently underneath building in Q3, standing at 69 initiatives/11,781 rooms. Jobs scheduled to get started building in the upcoming 12 months stand at 10 projects/1,733 rooms, and these in early scheduling are at 23 tasks/4,291 rooms.

The three New York market place tracts with the premier resort development pipelines are the higher New York City place, which involves Brooklyn East, the Bronx, and Staten Island, with 28 jobs/2,073 rooms the East River space, which contains Queens and Brooklyn West, with 14 projects/2,622 rooms and the JFK area, which incorporates the place by the airport and Jamaica, with 14 tasks/2,248 rooms. These a few sector tracts combined account for 55 p.c of the jobs in the market’s whole development pipeline.

The sector tracts with the most initiatives presently less than construction are the New York City spot, with 18 assignments/1,228 the JFK/Jamaica place with 12 projects/1,924 rooms and the East River place with 10 initiatives/1,948 rooms.

For the very first a few quarters of the yr, the New York sector has ranked initial among the the top rated 50 U.S. markets for the amount of new motels opened in the United States, with 20 new motels/2,537 rooms, and is forecast to open the most resorts in the fourth quarter as properly.

LE’s forecast for new hotel openings predicts that New York Town will direct the country for new hotel openings in 2022 with 38 tasks/5,066 rooms. In 2023, New York City is again forecast to leading the checklist of new resort openings in the United States with 39 projects/7,208 rooms.