Lodging Econometrics (LE) has actually launched the Q1 hotel advancement information for the Charlotte, NC market ahead of the Hospitality Industry Technology Exposition and Conference (HITEC).
The Q1 2024 LE Market Trend Report for the Charlotte market highlights that Charlotte has an overall of 67 hotel jobs and 7,772 spaces in the building and construction pipeline, placing it fifteenth amongst the leading 25 U.S. markets for the biggest hotel building and construction pipeline by job count.
Within the Charlotte market, at the close of the very first quarter, hotels currently under building and construction stand at 11 projects/1,435 spaces. Tasks set up to begin building and construction in the next 12 months stand at 31 projects/3,466 spaces and those in early preparation overall 25 projects/2,871 spaces. Over 65% of the tasks in Charlotte are high end and upper midscale brand names. Integrated, these 2 chain scales represent 44 projects/5,007 spaces.
3 essential market systems (submarkets), within the Charlotte market, with the biggest hotel building pipelines, are the Monroe and Rock Hill location with 14 projects/1,458 spaces; the Concord and Salisbury location with 11 projects/897 spaces; and the Charlotte Central Business District (CBD) location with 9 projects/1,643 spaces. These 3 market systems add to over half (51%) of the jobs and spaces in Charlotte's overall building and construction pipeline since Q1.
Charlotte likewise stands apart for its conversion activity, ranking ninth in the U.S. by task volume, with a combined remodelling and conversion overall of 17 jobs and 1,758 spaces.
Looking ahead, LE's overall projection for brand-new hotel openings in the Charlotte market in 2024 are 5 projects/511 spaces, for a 1.2% supply development rate by spaces. In 2025, Charlotte is anticipated to grow its supply by 1.5% and is anticipated to open 6 brand-new hotels/652 spaces.
For additional information on the Charlotte market or any other market or area internationally, please contact Lodging Econometrics at +1 603-431-8740 Ext. 0025 or [email protected]
