New project announcements
in the fourth quarter soared 44% YOY with a 32% boost in rooms, according to Lodging Econometrics.
INTERNATIONAL REPORT — Latin America’s hotel investment
momentum surged in Q4 2024 with the development pipeline reaching
unprecedented levels, according Lodging Econometrics data.
The pipeline now stands at 685 projects totaling 110,033 rooms, reflecting a
15% increase in projects and a 13% rise in room count year-over-year.
The strong uptick in development signals continued
confidence in the region’s long-term tourism potential despite global economic
fluctuations. New project announcements soared in Q4 with 82 new developments
and 12,295 rooms entering the pipeline — a 44% jump in projects and a 32% boost
in rooms YOY.
With robust construction activity across key leisure and
business markets, Latin America enters 2025 with a strong development
trajectory, according to Bruce Ford, senior vice president and director of
global business development at Lodging Econometrics.
“Impressive pipeline expansion demonstrates that regional
tourism infrastructure continues to evolve in response to growing global demand
for diverse travel experiences,” he said. “As additional properties move from
planning to completion in the coming year, Caribbean and Mexican destinations
are leading what appears to be a transformative period for the region’s tourism
economy.”
Hotel development was spread across 64 cities, with Punta
Cana, Dominican Republic, leading the way and adding five new projects and 1,955
rooms to its pipeline. Cancun, Mexico, also had five projects and 770 rooms,
while Merida, Mexico, had three projects and 269 rooms.
The region saw 73 new hotel openings and 13,754 rooms in
2024. Cancun led with six new hotels and 3,453 rooms, followed by Santo
Domingo, Dominican Republic, with four hotels and 627 rooms, and Georgetown,
Guyana, is third with three hotels and 414 rooms. The fourth quarter alone
accounted for 25 of the 73 openings, underscoring strong momentum for the end
of 2024.