New 2Q24 data
shows increased year-over-year activity with U.S. and China construction
numbers leading the way.
GLOBAL REPORT
- Two of the world regions, the Americas and Asia Pacific, showed a
year-over-year increase in hotel pipeline activity at the end of the second
quarter, according to June 2024 CoStar data.
The U.S.
(157,713) has the most rooms in construction in the Americas. After the U.S.,
Mexico (13,301), Canada (8,686) and Brazil (5,948) have the highest number of
rooms in construction.
In Asia
Pacific, China leads the region in rooms in construction (319,012), followed by
Vietnam (36,521).
Among
countries in Europe, Germany (27,302) led in construction activity, closely followed
by the U.K. (25,312).
Most of the Middle
East’s pipeline activity is focused in Saudi Arabia with rooms in construction
at 42,786 and the United Arab Emirates with 18,933 rooms.
Here are regional
breakouts for June 2024 (% change in comparison with June 2023):
Americas
- In construction: 208,718 rooms (+8.3%)
- Final Planning: 299,153 rooms (+6.9%)
- Planning: 385,945 rooms (+34.6%)
- Total Under Contract: 893,816 rooms (+17.8%)
Asia
Pacific
- In construction: 503,770 rooms (+4.4%)
- Final Planning: 91,282 rooms (-22.9%)
- Planning: 323,931 rooms (+16.5%)
- Total Under Contract: 918,983 rooms (+4.5%)
Europe
- In construction: 165,858 rooms (-2.4%)
- Final Planning: 93,241 rooms (-20.9%)
- Planning: 160,651 rooms (+8.0%)
- Total Under Contract: 419,750 rooms (-3.8%)
Middle East & Africa
- In construction: 109,005 rooms (-5.6%)
- Final Planning: 33,040 rooms (-23.8%)
- Planning: 83,020 rooms (+9.2%)
- Total Under Contract: 225,065 rooms (-4.2%)