Through
the third quarter and excluding China, the Asia Pacific construction pipeline reached new record
highs in projects and rooms.
INTERNATIONAL
REPORT — The hotel development pipeline across Asia Pacific, excluding China
(APEC), continued its growth trajectory into new record highs through the third
quarter of 2024, according to Lodging Econometrics.
Through the
third quarter, the APEC hotel construction pipeline reached new record highs of
2,072 projects (up 7% year-over-year) and 410,863 rooms (up 3% YOY).
Hotel
projects currently under construction stand at 848 projects and 197,576 rooms,
while those scheduled to start in the next 12 months stand at 354 projects and
64,571 rooms at the end of Q3. Projects in the early planning stage hit a
record high, reaching 870 projects with 148,716 rooms, up 28% by projects and
18% by rooms YOY.
The upper
upscale, upscale, and upper midscale chain scales account for 61% of projects
and 64% of the rooms in the pipeline. Projects in the upscale chain scale
dominated the APEC pipeline through Q3 with 510 projects and 101,067 rooms,
which reached all-time highs. Projects and room count in the luxury chain scale
segment also both reached new highs in Q3, with 310 projects and 60,131 rooms.
India
continues to be the top region with a record-high 641 projects and 79,648
rooms, accounting for 31% of total projects and 19% of the rooms in the
region’s overall pipeline. Other top countries include Vietnam, with 252
projects and 88,489 rooms; Indonesia, with 179 projects and 31,801 rooms;
Thailand, with 161 projects and 40,770 rooms; and Japan, with 150 projects and
27,461 rooms.
Through the
third quarter, cities with the largest pipelines in the APEC region include
Bangkok, Thailand, with 69 projects and 15,960 rooms; Jakarta, Indonesia, with
42 projects and 9,345 rooms; Melbourne, Australia, with 38 projects and 6,961
rooms; Phuket, Thailand, with 36 projects and 9,139 rooms; and Kuala Lumpur,
Malaysia, with 30 projects and 8,493 rooms.
Sixty-six
new hotels and 11,524 rooms opened across the APEC region in the third quarter,
totaling 204 new hotels/36,483 rooms opened in 2024 year-to-date. LE analysts
forecast another 135 new hotels and 26,848 rooms to open in the fourth quarter,
for a year-end forecasted total of 339 new hotels and 63,331 rooms.
LE analysts
forecast an additional 339 new hotels and 72,518 rooms to open in 2025,
followed by 337 new hotels and 65,668 rooms in 2026.