WASHINGTON – 19 January 2024 – With substantial volume in the planning phases, the Americas was the only world region to show an increase in overall hotel pipeline activity, according to year-end data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Construction activity was down in every world region except Asia Pacific.
December 2023 (% change in comparison with December 2022):
Europe
- In construction: 171,354 (-9.7%)
- Final Planning: 111,255 (-20.9%)
- Planning: 178,580 (+16.3%)
- Total Under Contract: 461,189 (-4.7%)
Among countries in the region, Germany (30,046 rooms) led in construction activity followed by the U.K. (28,503 rooms).
Asia Pacific
- In construction: 486,410 (+2.0%)
- Final Planning: 111,462 (+2.3%)
- Planning: 290,699 (-4.8%)
- Total Under Contract: 888,571 (-0.3%)
China leads the Asia Pacific region in total rooms in construction (309,024), followed by Vietnam (36,852).
Middle East & Africa
- In construction: 112,128 (-8.6%)
- Final Planning: 36,912 (-10.2%)
- Planning: 80,294 (+7.3%)
- Total Under Contract: 229,334 (-3.9%)
Most of the region’s pipeline activity is focused in the Middle East. Saudi Arabia (42,282) and the United Arab Emirates (18,998) show the most rooms in construction.
Americas
- In construction: 200,615 (-3.1%)
- Final Planning: 289,394 (+18.1%)
- Planning: 370,033 (+30.0%)
- Total Under Contract: 860,042 (+16.7%)
The U.S. holds the majority of rooms in construction in the region. After the U.S., Mexico (12,194), Canada (7,215) and Brazil (5,111) show 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
Communications Manager – STR
(216) 278-0627
hluther@str.com
About CoStar Group
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. 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 attract nearly 100 million unique monthly visitors. 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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