The Q4 2024 Global Hotel Construction Pipeline Trend Report from Lodging Econometrics reveals a record-breaking project count of 15,820 projects, marking a 4% increase in projects and a 3% increase in rooms year-over-year.
The hotel industry has reached a historic milestone as the global hotel construction pipeline hit a new all-time high project count at the close of Q4 2024. According to the Q4 2024 Global Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the project count stands at 15,820 projects, encompassing 2,438,189 rooms. This signifies a 4% increase in projects and a 3% rise in rooms year-over-year.
Currently, 6,231 projects accounting for 1,098,620 rooms are under construction worldwide, marking a 1% growth in projects compared to the previous year. There are 3,872 projects with 539,054 rooms scheduled to start construction in the upcoming year, also indicating a 1% rise in projects year-over-year. Additionally, projects in the early planning stage have hit record highs, standing at 5,717 projects or 800,515 rooms, showcasing a notable 10% and 9% increase in projects and rooms year-over-year respectively.
The United States leads the global pipeline with a record 6,378 projects and 746,986 rooms, showing a respective 7% and 8% year-over-year growth. China follows closely with 3,779 projects and 681,915 rooms. Together, the United States and China account for 64% of all global projects. India, Canada, and Saudi Arabia have also seen significant growth, with India reaching a record 693 projects and 87,512 rooms, reflecting 35% and 43% increases in projects and rooms, respectively, year-over-year.
In terms of specific markets, Dallas leads the U.S. with a record 204 projects and 23,669 rooms. Atlanta follows closely with 168 projects and 19,431 rooms. Internationally, Chengdu ranks third with 141 projects and 25,180 rooms, followed by Shanghai with 133 projects and 24,529 rooms. Nashville also reached new highs with 130 projects and 17,029 rooms.
In 2024, 2,226 new hotels opened worldwide, accounting for 317,608 rooms, marking a 7% increase in new hotel openings compared to the previous year. LE analysts anticipate that 2,815 new hotels with 429,639 rooms will open in 2025, followed by 2,820 new hotels with 419,151 rooms in 2026. This upward trajectory in hotel development underscores the robust growth and resilience of the global hotel industry.
