The hotel project pipeline was down for most of the world at the end of 2023 with Americas being the only region globally to show an increase in overall hotel pipeline activity, according to year-end data from CoStar, a leading provider of online real estate marketplaces, information and analytics in the property markets.

 

With substantial volume in the planning phases, the US holds the majority of rooms in construction in the region. It has a total of 289,394 rooms in planning stage, up 18.1% over 2022. After the US, Mexico (12,194), Canada (7,215) and Brazil (5,111) show the highest number of rooms in construction.

 

With regard to construction activity, it was on the downslide globally except Asia Pacific region. China leads the Asia Pacific region in total rooms in construction (309,024), followed by Vietnam (36,852).

 

For the Middle East & Africa region, Saudi Arabia dominated the market with most number of rooms under construction totalling 42,282 followed by the UAE with 18,998 rooms. 

 

Across the MEA region, a total of 112,128 are under construction, down 8.6% over 2022, while a total of  36,912 rooms are in final planning stage, down 10.2%.

 

However, there was a 7.3% growth in the number of rooms in the planning stage which stood at 80,294.

 

In Europe, Germany topped the list of rooms totalling 30,046 led in construction activity followed by the U.K. (28,503 rooms).-TradeArabia News Service