On a national basis, the current cycle of hotel development appears to have moved well beyond the peak of 2016. The number of hotel rooms under construction, as of January 2018, is 1.6% lower than the year prior. While new hotel development continues to be pursued across the country, the momentum has notably slowed. As construction and financing costs increase, lending becomes even more challenging to source. All of the factors directly impact the feasibility of new hotel construction, resulting in a decreasing pipeline of proposed rooms.