New hotel room numbers highest since 2001
In its latest forecast, Lodging Econometrics forecast 917 new hotels in 2007 with more than 100,000 new rooms, the highest number of of new openings since 2001.
That number, however, was far removed from 1998’s peak of 1,532 hotels with more than 156,000 rooms.
Said Patrick Ford, president of Lodging Econometrics: “Because the supply increase forecasted for ’07 is modest, it’s on track to become the second record-breaking profit year in a row. It’s expected to exceed the record $26 billion anticipated for ’06.”
The majority of planned construction growth is scheduled to be at highway locations in smaller cities, and in the outer suburbs of larger cities.
The leading upscale brands, Marriott’s Courtyard, Residence Inn and SpringHill Suites are expected to have a combined 50% of new construction.
Hilton’s Garden Inn and Homewood Suites are expected to have a 33% share.
Guestroom supply is shrinking in some markets, after removals are taken into account.
Some hotels are going off the market because they are being reflagged, said Mr Ford. Other hotels are closed because of renovations.
Report by David Wilkening
David
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