WASHINGTON – 24 October 2024 – Europe is the only world region with lower hotel pipeline activity year over year, according to September 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
September 2024 (% change in comparison with September 2023):
Europe
- In construction: 163,135 rooms (-1.0%)
- Final Planning: 87,779 rooms (-21.9%)
- Planning: 162,275 rooms (+1.7%)
- Total Under Contract: 413,189 rooms (-5.4%)
Among countries in the region, Germany (27,175) led in construction activity, closely followed by the U.K. (24,733).
Asia Pacific
- In construction: 509,167 rooms (+1.7%)
- Final Planning: 55,448 rooms (-50.1%)
- Planning: 389,689 rooms (+43.1%)
- Total Under Contract: 954,304 rooms (+7.9%)
China leads the Asia Pacific region in total rooms in construction (322,440), followed by Vietnam (35,810).
Middle East & Africa
- In construction: 110,229 rooms (-4.3%)
- Final Planning: 30,955 rooms (+3.3%)
- Planning: 85,178 rooms (+7.3%)
- Total Under Contract: 226,362 rooms (+0.8%)
Most of the region’s pipeline activity is focused in the Middle East. Saudi Arabia (41,828) and the United Arab Emirates (18,959) have the most rooms in construction.
Americas
- In construction: 209,312 rooms (+9.5%)
- Final Planning: 305,199 rooms (+10.6%)
- Planning: 387,418 rooms (+36.1%)
- Total Under Contract: 901,929 rooms (+20.0%)
The U.S. (157,253) holds the majority of rooms in construction in the region. After the U.S., Mexico (13,986), Canada (9,125) and Brazil (5,964) show the highest number of rooms in construction.
For more information about the company and its products and services, please visit www.costargroup.com.
Performance Data
CoStar’s world-leading hotel performance sample comprises 85,000 properties and 11 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
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 thirteen million average 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 over 163 million average monthly unique visitors in the third 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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