Adrian JohnsonTLDR:
– The global hotel construction pipeline has reached an all-time high, with 15,453 projects and 2,395,726 rooms
– The U.S. and China account for 64% of worldwide projects
The global hotel industry is experiencing robust growth, with the United States and China leading the way. The Q2 2024 Global Construction Pipeline Trend Report from Lodging Econometrics reveals that the total global pipeline has reached a record-breaking 15,453 projects, reflecting a 6% year-over-year increase. The report highlights key elements such as chain scale distribution, regional leaders, leading cities in hotel development, and forecasts for new hotel openings.
Chain Scale Distribution: The report indicates that upper midscale, upscale, and midscale chain scales dominate the global pipeline, collectively representing 65% of total projects. Luxury hotel projects have also seen substantial growth, with a 13% year-over-year increase.
Regional Leaders: The United States and China lead the global hotel construction boom, accounting for 64% of total projects. Other countries such as India, Canada, and Saudi Arabia are also experiencing significant growth in hotel development.
Leading Cities in Hotel Development: Cities like Dallas, Atlanta, Chengdu, and Shanghai are at the forefront of hotel development, driven by economic performance, tourism growth, and strategic location.
Forecast for New Hotel Openings: The first half of 2024 saw 948 new hotels open globally, with an additional 1,586 hotels and 237,107 rooms scheduled to open by the end of the year. The strong momentum is expected to continue into 2025 and 2026, with forecasts predicting a total of 2,756 and 2,812 new hotels to open in those years, respectively.
