Hotels (Commonwealth Union) _ As of the end of 2023, the global hotel project pipeline experienced a decline in activity, with the Americas being the sole region to witness an increase in overall hotel pipeline activity, according to year-end data from CoStar, a prominent provider of online real estate marketplaces, information, and analytics.
The data reveals that the United States leads the Americas region in hotel construction activity, with 289,394 rooms in the planning stage, marking an 18.1% increase from 2022. Following the U.S., Mexico (12,194), Canada (7,215), and Brazil (5,111) exhibit the highest number of rooms under construction.
Globally, construction activity experienced a decline in most regions, except for the Asia Pacific region, where China leads with a total of 309,024 rooms under construction, followed by Vietnam with 36,852 rooms. This data underscores the regional variations in construction dynamics and highlights the significant role played by China and Vietnam in ongoing hotel development projects. In the Middle East & Africa region, Saudi Arabia dominates construction with 42,282 rooms, trailed by the UAE with 18,998 rooms. The MEA region currently has 112,128 rooms under construction, indicating an 8.6% decline from 2022. In the final planning stage, there are 36,912 rooms, reflecting a 10.2% decrease, while the planning stage shows a 7.3% growth with 80,294 rooms. These figures depict the evolving landscape of hotel development in the MEA region, with fluctuations across different stages of the construction process.
In Europe, Germany leads in hotel construction activity with 30,046 rooms, followed by the U.K. with 28,503 rooms. The overall data suggests notable variations in hotel construction trends across different global regions. These disparities underscore the diverse dynamics and priorities influencing the hospitality industry’s development in various parts of the world.
