The number of hotels opening in the United States is forecast to increase by 42 percent in 2013, after a lackluster 2012, according to new data from STR Analytics
Only 420 hotels opened in the United States, which was near the "lowest level in the current cycle," the research firm said. But more than 600 are scheduled to open this year, the firm said.
"With a limited amount of financing available for new developments, the volume of new rooms entering the market is negligible in most cities," Steve Hennis, director at STR Analytics, said in a statement. "However, with continued improvement in both the general hotel industry as well as the national economy, we are beginning to see the pace of new construction increase."
Industry fundamentals improved in 2012, despite the construction slowdown. Some of the other findings of the firm's 2013 Hotel Development Almanac:
The majority of new hotels are in the Upscale and Upper Midscale segments, which accounted for approximately two-thirds of 2012 openings.
The most active market track for development in 2012 was North Dakota, which saw 23 new hotels open.
The New York City market had the costliest developments last year, averaging $508,000 per room.
Hampton Inn & Suites and Holiday Inn Express had the most U.S. hotel openings in 2012.