At the end of the second quarter, hotel pipeline activity increased in two world regions: the Americas and Asia Pacific. This information comes from the June 2024 data provided by CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets.
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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 on 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) 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.
