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STR: US hotel pipeline rises 12% YOY in July

There were 591,865 rooms in 4,899 hotel projects under contract in the U.S. in July, an 11.7% climb from July 2016, STR said in its latest pipeline report.

Projects under contract include projects in the construction, final planning and planning stages. STR reported that there were 188,734 rooms in 1,436 projects under construction in the U.S. in July, representing 10.2% growth in year-over-year comparisons and a 1.0% rise from the prior month.

Among the top 26 markets, New York reported the most rooms under contract and rooms in construction for July, reaching 26,990 rooms and 14,714 rooms, respectively. Dallas came in at 20,851 rooms under contract for the month, while Houston had 17,355 rooms under contract and Los Angeles/Long Beach, Calif., saw 15,107 rooms under contract, while Orlando, Fla., saw 15,053 rooms under contract.