Global hotel pipeline robust in Q2, Mideast and Africa lag behind
The MEA was the only region globally that recorded an overall decline in hotel pipeline growth, stated CoStar's in its June pipeline report.
The region saw a 2.6% year-on-year decrease in total rooms under contract, totaling 219,237, while rooms in construction fell 5.4%, and final planning plunged 34.2%, though early-stage planning rose 13.7%.
In the MEA region, Saudi Arabia led the growth in construction activity with 46,015 rooms followed by UAE (16,271), the report added.
The total under-contract room counts rose year-on-year in all major regions except the Middle East and Africa, stated the report, which tracks hotel projects in various stages of development.
Europe saw a 2.9% annual increase in total under-contract rooms, reaching 431,736. Growth was driven by a 15.4% surge in rooms in the planning phase, despite a 19.7% drop in final planning figures. The UK led the region with 24,711 rooms under construction, followed closely by Germany with 23,400.
The Asia Pacific region recorded the strongest growth, with 957,254 rooms under contract, up 4.2% from a year earlier. Planning activity soared by 21%, offsetting a steep 54.3% drop in final planning.
China dominated regional construction with 318,327 rooms, followed by India (40,950) and Vietnam (36,338), it stated.
In the Americas, total rooms under contract edged up 1.1% to 902,952. While construction activity declined 9.3%, gains in the planning (+6.4%) and final planning (+1.5%) stages supported overall growth.
The US remains the region's dominant market with 138,922 rooms under construction, followed by Mexico (14,562), Canada (9,128), and Brazil (5,334).- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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