An increase in new project announcements for the most recentquarter was offset by a higher number of project cancellations inthe same period, the report states. At the same time, one third ofthe Canadian pipeline is already under construction and is certainto open in the coming year.
The second-quarter decline brings an end to two solid years ofhotel growth within North America's provinces, with developers nowturning cautious because of the slowing economy and little or nofinancing for future projects, says Patrick Ford, president ofPortsmouth, NH-based Lodging Econometrics.
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