WASHINGTON – 19 July 2024 – Two of the world regions, the Americas and Asia Pacific, showed a year-over-year increase in hotel pipeline activity at the end of the second quarter, according to June 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
June 2024 (% change in comparison with June 2023):
Europe
- In construction: 165,858 rooms (-2.4%)
- Final Planning: 93,241 rooms (-20.9%)
- Planning: 160,651 rooms (+8.0%)
- Total Under Contract: 419,750 rooms (-3.8%)
Among countries in the region, Germany (27,302) led in construction activity, closely followed by the U.K. (25,312).
Asia Pacific
- In construction: 503,770 rooms (+4.4%)
- Final Planning: 91,282 rooms (-22.9%)
- Planning: 323,931 rooms (+16.5%)
- Total Under Contract: 918,983 rooms (+4.5%)
China leads the Asia Pacific region in total rooms in construction (319,012), followed by Vietnam (36,521).
Middle East & Africa
- In construction: 109,005 rooms (-5.6%)
- Final Planning: 33,040 rooms (-23.8%)
- Planning: 83,020 rooms (+9.2%)
- Total Under Contract: 225,065 rooms (-4.2%)
Most of the region’s pipeline activity is focused in the Middle East. Saudi Arabia (42,786) and the United Arab Emirates (18,933) have the most rooms in construction.
Americas
- In construction: 208,718 rooms (+8.3%)
- Final Planning: 299,153 rooms (+6.9%)
- Planning: 385,945 rooms (+34.6%)
- Total Under Contract: 893,816 rooms (+17.8%)
The U.S. (157,713) has the most rooms in construction in the region. After the U.S., Mexico (13,301), Canada (8,686) and Brazil (5,948) have the highest number of rooms in construction.
For more information about the company and its products and services, please visit www.costargroup.com.
News Media Contact
Haley Luther
Senior Communications Manager – STR
(216) 278-0627
hluther@str.com
ABOUT COSTAR GROUP, INC.
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attracted 170 million quarterly average monthly unique visitors for the first quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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