Americas lead in hotel construction growth, significantly outpacing Asia Pacific in the first quarter of 2024.
The Americas region has demonstrated a robust increase in hotel construction pipeline activity, outpacing other global regions in the first quarter of 2024, according to the latest data released by CoStar.
Overview of Global Hotel Construction Activity
While other regions have shown a decline or slower growth, the Americas has experienced significant gains across all stages of the hotel construction pipeline. As of March 2024, the Americas reported:
- In Construction: 205,998 rooms (+4.1% year-over-year)
- Final Planning: 296,374 rooms (+6.8% year-over-year)
- Planning: 378,628 rooms (+36.0% year-over-year)
- Total Under Contract: 881,000 rooms (+16.9% year-over-year)
The US leads within the region with 156,525 rooms currently under construction, followed by Mexico, Canada, and Brazil.
Comparison with Other Regions
In contrast, the Asia Pacific region, although showing a modest increase in rooms currently under construction (+5.6%), experienced a slight decrease in the total number of rooms under contract (-0.4%). Europe and the Middle East & Africa regions both saw reductions in their construction pipelines across several stages.
- Europe’s Total Under Contract: 432,647 rooms (-8.8%)
- Middle East & Africa’s Total Under Contract: 228,272 rooms (-8.5%)
China continues to lead in Asia Pacific with the highest number of rooms under construction, followed by Vietnam.
George, in his capacity as an intern, diligently oversees the flow of news, assists in the publication of content, and delves into the strategies of social media distribution. He is currently pursuing his studies in Business Administration at the Athens University of Economics and Business.
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