Report Indicates Global Hotel Project Pipeline Declined in 2023

The US Dominates Region in Construction with a Substantial Volume in Planning Stages

 As of the end of 2023, the global hotel project pipeline faced a decline, with the Americas being the sole region to exhibit an increase in overall hotel pipeline activity, according to year-end data from CoStar, a prominent provider of online real estate marketplaces, information, and analytics in the property markets.

The United States, with a substantial volume in the planning phases, holds the majority of rooms under construction in the region. It boasts a total of 289,394 rooms in the planning stage, reflecting an 18.1% increase from 2022. Following the U.S., Mexico (12,194), Canada (7,215), and Brazil (5,111) showcase the highest numbers of rooms in construction.

On a global scale, construction activity witnessed a decline, except for the Asia Pacific region. China leads the Asia Pacific region in total rooms under construction, totaling 309,024, followed by Vietnam (36,852).

In the Middle East & Africa region, Saudi Arabia emerges as the dominant player with the highest number of rooms under construction, totaling 42,282, followed by the UAE with 18,998 rooms.

Across the MEA region, a total of 112,128 rooms are under construction, marking an 8.6% decrease from 2022. Additionally, 36,912 rooms are in the final planning stage, reflecting a 10.2% decrease. However, there was a 7.3% growth in the number of rooms in the planning stage, reaching a total of 80,294.

In Europe, Germany leads in construction activity with a total of 30,046 rooms, followed by the U.K. with 28,503 rooms.

It's noteworthy that this data is provided by CoStar and copyrighted to Al Hilal Publishing and Marketing Group. The insights reveal a nuanced global landscape in the hotel project pipeline, with regional variations impacting construction trends.

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