WASHINGTON – 22 January 2024 – With substantial volume in the planning phases, the Americas was the only world region to show an increase in overall hotel pipeline activity, according to year-end data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Construction activity was down in every world region except Asia Pacific.
December 2023 (% change in comparison with December 2022):
Europe
- In construction: 171,354 (-9.7%)
- Final Planning: 111,255 (-20.9%)
- Planning: 178,580 (+16.3%)
- Total Under Contract: 461,189 (-4.7%)
Among countries in the region, Germany (30,046 rooms) led in construction activity followed by the U.K. (28,503 rooms).
Asia Pacific
- In construction: 486,410 (+2.0%)
- Final Planning: 111,462 (+2.3%)
- Planning: 290,699 (-4.8%)
- Total Under Contract: 888,571 (-0.3%)
China leads the Asia Pacific region in total rooms in construction (309,024), followed by Vietnam (36,852).
Middle East & Africa
- In construction: 112,128 (-8.6%)
- Final Planning: 36,912 (-10.2%)
- Planning: 80,294 (+7.3%)
- Total Under Contract: 229,334 (-3.9%)
Most of the region’s pipeline activity is focused in the Middle East. Saudi Arabia (42,282) and the United Arab Emirates (18,998) show the most rooms in construction.
Americas
- In construction: 200,615 (-3.1%)
- Final Planning: 289,394 (+18.1%)
- Planning: 370,033 (+30.0%)
- Total Under Contract: 860,042 (+16.7%)
The U.S. holds the majority of rooms in construction in the region. After the U.S., Mexico (12,194), Canada (7,215) and Brazil (5,111) show the highest number of rooms in construction.
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