Asia Pacific, excluding China, has hit record highs
for total projects, projects in the early planning stages and renovations and
conversions, according to Lodging Econometrics.
INTERNATIONAL
REPORT — The Asia Pacific region, excluding China (APEC), is currently
experiencing a boom in hotel construction, according recent data
from Lodging Econometrics.
The
pipeline in APEC has reached a historic high of 2,056 projects and
406,118 rooms, representing a significant year-over-year increase of 6% by
projects and 1% by rooms, underscoring the region’s robust economic growth and
rising tourism demand.
Breaking
down the pipeline numbers further, 864 projects and 199,784 rooms are currently
under construction across APEC, while projects scheduled to start in the next
12 months has risen dramatically to 358 projects and 65,853 rooms, which
represents an impressive 23% increase in both projects and rooms year-over-year (YOY).
In
addition, projects in the early planning stage has soared to a record-high of
834 projects (+19% YOY) and 140,481 rooms (+6% YOY).
Renovation
and conversion projects in APEC has also reached an all-time high of 305
projects and 51,909 rooms through the first half of the year, which LE analysts
said indicates a growing emphasis on revitalizing existing properties to meet
changing market demands and guest expectations.
So far
in 2024, 57 new hotels and 214 rooms in the second quarter, bringing the total
for the first half of 2024 to 131 new hotels and 23,316 rooms.
LE
forecasts a busy second half of 2024, with an additional 228 new hotels
expected to open, bringing the total 2024 openings to 359 new hotels and 69,861
rooms.
That
strong momentum is expected to continue into 2025 and 2026, with LE analysts
projecting 323 new hotels and 66,523 rooms to open in 2025 and 341 new hotels
and 65,617 rooms) in 2026.
PREVIOUS LODGING ECONOMETRIC REPORTS
Last
week, we discussed that almost half of Europe’s pipeline is currently under
construction.
Earlier
in September, we talked about why the pipeline in Latin America is surging.
In
August, we talked about how the U.S. construction pipeline is sitting at an
all-time high.
In
early July, we discussed the hottest development markets in Latin America.
In
late June, we talked about why Dallas is still leading the U.S. construction
pipeline.