SINGAPORE, 23 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 UK (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 on 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 US holds the majority of rooms in construction in the region, followed by Mexico (12,194), Canada (7,215), and Brazil (5,111).
For more information visit www.costargroup.com
