SINGAPORE, 26 July 2024: Hotel pipeline activity at the end of the second quarter showed a year-over-year increase in two regions, the Americas and Asia Pacific, according to June 2024 data from CoStar.
CoStar is a leading provider of online real estate marketplaces, information, and analytics for 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 UK (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 under 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 US (157,713) has the most rooms in construction in the region. After the US, Mexico (13,301), Canada (8,686), and Brazil (5,948) have the highest number of rooms in construction.
For more information about the company visit www.costargroup.com.
