Tourism comeback of LA is aided by solid hotel pipeline

Thursday, March 9, 2023

As per the Los Angeles Tourism & Convention Board, in 2022, the visitor numbers of the city reached 46.4 million. It was 91% of the record-setting year of 2019 with 50.7 million tourists.

The predictions for 2023:
This year, LA County is hoped to reach close to a full revival to the visitation numbers of 2019 with a total of 50.3 million visitors. This would be 99% of 2019’s numbers.

These levels are predicted to be influenced by domestic US visitation, estimated at a 44.1 million visitors, with foreign visitation expected at 6.2 million visitors.

Hotel investment billions:
To the big players associated with the hotel industry, this positive response will be a welcome, for planning projects in the City of Angels. By now there are at the minimum 42 high end developments in the horizon, comparing to 8,291 keys, as per the recent statistics from THP.

These projects jointly stand for outlay of more than US$3.3 billion in the west coast metropolis.
With regard to star a rating, the finest pipeline is dominated by four star sites, with 30 of their total fitting into this group; in opposition to 12 five star hotels. This signifies a 71%/29% split.

Opening dates are leaning towards the immediate, with at least nine inclusions in 2023, with an added eight slated to appear the next year. No more than three are at present planned for any of the following years.

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