The latest U.S. Hotel Construction Pipeline Trend Report by Lodging Econometrics reported that third quarter hotel projects totaled 4,837, down 8% compared to the same period in 2020. Total hotel rooms fell 10% from Q3 2020 to 592,259. The declines were related to lingering COVID-19 pandemic project delays, increased inflation and interest rates, higher prices and material shortages. Projects in the early planning stages rose significantly over Q3 2020, with 1,978 projects and 239,831 rooms planned, a 27% and 25% increase respectively.
Canadian hotel construction decreased in the third quarter, with 257 projects representing 34,167 rooms completed. Projects in the pipeline dropped 7% comprising 5% less rooms compared to the same period last year. Conversely, projects in early planning grew significantly over Q3 2020 with 102 projects and 14,679 rooms planned, rising 17% and 9%, respectively. See U.S. Lodging Econometrics and Canadian Lodging Econometrics