Lodging Econometrics (LE) has launched Q1 resort improvement information for the Charlotte, North Carolina, market forward of HITEC 2024. The Q1 2024 LE Market Pattern Report for the Charlotte market reported that Charlotte has a complete of 67 resort initiatives and seven,772 rooms within the building pipeline, positioning it fifteenth among the many prime 25 U.S. markets for the biggest resort building pipeline by venture depend.
Inside the Charlotte market, on the shut of the primary quarter, lodges below building stood at 11 initiatives/1,435 rooms. Initiatives scheduled to begin building within the subsequent 12 months stood at 31 initiatives/3,466 rooms and people in early planning complete 25 initiatives/2,871 rooms. Over 65 % of the initiatives in Charlotte are upscale and upper-midscale manufacturers. Mixed, these two chain scales account for 44 initiatives/5,007 rooms.
Three key market tracts (submarkets) throughout the Charlotte market with the biggest resort building pipelines are the Monroe and Rock Hill space with 14 initiatives/1,458 rooms; the Harmony and Salisbury space with 11 initiatives/897 rooms; and the Charlotte Central Enterprise District (CBD) space with 9 initiatives/1,643 rooms. These three market tracts contribute to over half (51 %) of the initiatives and rooms in Charlotte’s complete building pipeline as of Q1.
Charlotte additionally stands out for its conversion exercise, rating ninth in the USA by venture quantity, with a mixed renovation and conversion complete of 17 initiatives and 1,758 rooms.
Trying forward, LE’s complete forecast for brand new resort openings within the Charlotte market in 2024 is 5 initiatives/511 rooms, for a 1.2 % provide progress fee by rooms. In 2025, Charlotte is anticipated to develop its provide by 1.5 % and is forecasted to open 6 new lodges/652 rooms.
