LE: NEW YORK LEADS PIPELINE WITH 47 HOTELS UNDER CONSTRUCTION

NEW YORK LEADS the top 50 U.S. markets in hotel construction with 47 projects and 7,655 rooms currently underway, according to Lodging Econometrics. The
city has a total of 78 projects and 13,549 rooms in its hotel construction pipeline, the 10th largest in the U.S.

Projects set to start in the next 12 months include eight projects with 1,079 rooms, while early planning includes 23 projects with 4,815 rooms, according to
LE’s Q1 2024 Market Trend Report for New York, released before the NYU International Hospitality Industry Investment Conference.

Within the New York market, the three submarkets with the largest hotel construction pipelines are the New York City area (including Brooklyn East, the Bronx,
and Staten Island) with 25 projects and 2,096 rooms, the report said. Similarly, the Midtown South area features 11 projects and 2,535 rooms, while the Midtown
West/Times Square area has 10 projects and 4,131 rooms. Combined, these submarkets account for 59 percent of the projects and 65 percent of the rooms in the
market’s total construction pipeline.