Friday, July 23, 2010

Lodging Econometrics Releases 2012 Hotel Openings Forecast

Lodging Econometrics Releases 2012 Hotel Openings Forecast

Lodging Econometrics Releases 2012 Hotel Openings Forecast

Posted: 23 Jul 2010 09:09 AM PDT

Lodging Econometrics (LE) as released its new U.S. hotel opening forecast for 2012, projecting 671 hotels/64,938 rooms. The figures are similar to 2011 expectations, which call for and 673 hotels/64,959 rooms in 2011. Meanwhile, a total of  705 hotels/79,701 rooms will likely come online by the end of the year.

Supply growth rates are estimated at 1.7% percent for 2010, 1.3 percent for 2011, and 1.3 percent for 2012. "These subdued rates will aid in accelerating the recovery of the industry," according to the LE report. "As demand continues to grow, there will be less new supply to be absorbed, which should help lead to a faster improvement in room rates."

The executive summary also indicates that hotels saw incremental improvement in Q2 2010, thanks to an increase in business travel, but lack of construction financing continues to be a roadblock for new hotel development. In the same timeframe, construction starts for projects already in the pipeline were at the lowest levels in over a decade, and new project announcements into the pipeline were at the lowest since Q2 2004.

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