Lodging Econometrics (LE) launched the newest resort improvement for the New York market earlier than the NYU Worldwide Hospitality Trade Funding Convention (NYU Convention).
Within the Q1 2024 LE Market Development Report for New York, analysts report the market had 78 initiatives/13,549 rooms within the resort building pipeline, the tenth largest pipeline by initiatives of any market in the USA.
Of the highest 50 markets in the USA, the New York market led with the best variety of lodges presently beneath building standing at 47 initiatives/7,655 rooms. Initiatives scheduled to begin building within the subsequent 12 months whole 8 initiatives/1,079 rooms, and people in early planning account for 23 initiatives/4,815 rooms.
Inside the New York market, the three market tracts (submarkets) with the most important resort building pipelines are the New York Metropolis space, which incorporates Brooklyn East, the Bronx, and Staten Island, with 25 initiatives/2,096 rooms; the Midtown South space with 11 initiatives/2,535 rooms; and the Midtown West/Occasions Sq. space with 10 initiatives/4,131 rooms. These three market tracts mixed account for 59 % of the initiatives and 65 % of the rooms out there’s whole building pipeline.
The market tracts with essentially the most initiatives presently beneath building are the New York Metropolis space with 16 initiatives/1,261 rooms, Midtown South with 7 initiatives/1,515 rooms, and the JFK airport/Jamaica space with 7 initiatives/851 rooms.
Throughout the first quarter of 2024, the New York market outpaced all others in the USA with the very best variety of new initiatives added; with 12 initiatives totaling 1,660 rooms. The New York market additionally was the main marketplace for building beginning in Q1 2024.
On the finish of Q1 2024, the market additionally had a noteworthy quantity of conversion and renovation exercise, rating because the third-largest market in the USA by mission quantity for a mixed renovation and conversion whole of 30 initiatives/8,020 rooms.
In Q1 2024, the New York market ranked seventh among the many prime 50 markets in the USA for newly opened lodges. Wanting forward, forecasts point out that it’s going to lead the nation in resort openings all through the remaining three quarters of the yr. LE’s whole forecast for brand spanking new resort openings within the New York market in 2024 is 26 initiatives/2,910 rooms. In 2025, the market will rank sixth in forecasted new resort openings, with 17 initiatives/2,409 rooms.
