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South Florida

Hotel pipeline shrinks in first quarter

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As developers struggle in the current economic downturn, the hotel construction pipeline nationwide has grown smaller and now stands at 4,918 projects, or 619,431 rooms, according to a first-quarter report from Lodging Econometrics. Compared to the peak in 2008, the number of projects has dropped by 16 percent and for rooms by 21 percent. The evaporation of mortgage lending and shortfalls in lodging operating performance may be to blame as well as the economy, according to the report. The number of new projects announced has also spiraled downward, although projects that have already been financed are now opening more quickly. Lodging Econometrics predicts that 4,238 fewer new rooms will open for the rest of 2009 and 15,169 fewer rooms in all of 2010. TRD