US: Extended stay properties accounted for nearly 30 per cent of all new hotel projects opened in the US last year.
According to the latest Lodging Econometrics Construction Pipeline Trend Report, a total of 833 new hotel projects accounting for 97,203 keys, opened in the US last year, bringing the total supply of open and operating hotels to 58,569 with 5,557,119 keys.
Of the 833 new projects, 29 per cent were for extended stay brands. Extended stay also accounted for nearly one in four (24 per cent) of the 1,487 projects under construction during Q4 2020.
Overall, the extended stay market accounts for just eight per cent of the total open and operating hotels in the US, and nine per cent of the total keys.
In terms of the entire hotel market, New York City led the way with 150 projects with 225,640 keys in the construction pipeline as of December 31. The city also had the largest number of projects under construction in Q4 with 108 (19,439 keys), and the highest number of construction starts during the Q4, with 14 projects (2,617 keys).
Other cities with the most projects under construction at the end of 2020 include Atlanta, Los Angeles, Dallas and Austin.
