LE: U.S. CONSTRUCTION PIPELINE HIT RECORD HIGH IN FIRST QUARTER OF 2024

THE U.S. CONSTRUCTION pipeline reached a record level in the first quarter of 2024, according to Lodging Econometrics. The pipeline included 6,065 hotels
with 702,990 rooms, showing a 9 percent year-over-year rise in hotels and a 7 percent increase in rooms compared to the previous year. Furthermore, each stage
of the pipeline saw year-over-year growth in the first quarter.

LE’s Q1 2024 U.S. Hotel Construction Pipeline Trend Report showed 1,144 hotels under construction, totaling 141,336 rooms—a 9 percent rise in hotels and a 1 percent
increase in rooms compared to the previous year.

Hotels set to begin construction in the next 12 months total 2,259, comprising 260,968 rooms, reflecting a 10 percent increase in hotels and an 8 percent rise in
rooms year over year, the report said. Both hotel and room counts in the early planning stage increased by 9 percent year over year, reaching record-high figures
of 2,662 hotels and 300,686 rooms, respectively.