INTERNATIONAL REPORT — Hotel pipeline activity is down globally
through March 2024, except in the Americas, according to
CoStar data.
The hotel pipeline activity in North and South America shows total
rooms under contract at 881,000, which is up 16.9% compared to March 2023.
Rooms under construction were 205,998 (up 4.1% compared to March 2023), rooms
in the final planning stages were 296,374 (up 6.8%), and rooms in the planning
stages were 376,628 (up 36%).
The U.S. has the majority of those rooms under construction, with
156,525, while Mexico is second (13,335 rooms), Canada is third (7,603) and
Brazil is fourth (5,799)
In Europe, the total number of rooms under contract in March was
432,647, down 8.8% compared to March 2023. Rooms under construction were
172,499 (down 6.8% compared to March 2023), rooms in the final planning stages
were 99,744 (down 25.3%) and rooms in the planning stages were 160,404 (up
3.1%). Germany led the region with 25,800 rooms under construction, followed
closely by the UK, which had 28,423.
Asia Pacific was the closest to being even year-over-year, with
901,577 rooms under contract through March (down 0.4% compared to March 2023).
Rooms under construction were 502,610 (up 5.6% compared to March 2023), rooms
in the final planning stages were 109,926 (up 5.6%), and rooms in the planning
stages were 289,041 (down 11%). China led the region with 315,145 total rooms
under construction, followed by Vietnam with 37,113.
In the Middle East and Africa, the total number of rooms under
construction was 228,272 (down 8.5% compared to March 2023). Rooms under
construction were 110,783 (down 7.3% compared to March 2023), rooms in the
final planning stages were 36,173 (down 20.9%), and rooms in the planning
stages were 81,316 (down 3.3%). Most of the region’s pipeline is focused in the
Middle East, with Saudi Arabia (42,464) and the United Arab Emirates (19,046)
having the most rooms under construction.