WASHINGTON – 19 July 2024 – 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 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
June 2024 (% change in comparison with June 2023):
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%)
Among countries in the region, Germany (27,302) led in construction activity, closely followed by the U.K. (25,312).
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%)
China leads the Asia Pacific region in total rooms in construction (319,012), followed by Vietnam (36,521).
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%)
Most of the region’s pipeline activity is focused in the Middle East. Saudi Arabia (42,786) and the United Arab Emirates (18,933) have the most rooms in construction.
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%)
The U.S. (157,713)Â has the most rooms in construction in the region. After the U.S., Mexico (13,301), Canada (8,686) and Brazil (5,948) have the highest number of rooms in construction.
For more information about the company and its products and services, please visit www.costargroup.com.
