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According to data from CoStar, Europe is the only region worldwide where hotel development activity has decreased year over year. The Americas have witnessed significant growth in hotel pipeline activity, with the U.S. leading in construction development.
Global hotel development is experiencing growth in all regions except Europe, according to the latest data from CoStar.
The report reveals that Europe saw a decrease in its hotel pipeline activity in comparison to the previous year.
The detailed breakdown shows a 1% decrease in rooms under construction, a significant 21.9% drop in final planning, and a marginal 1.7% increase in rooms under planning in Europe. The total number of rooms under contract also fell by 5.4%. Germany and the U.K. emerged as the leaders in construction activity in the region.
In contrast, the Asia Pacific region witnessed an overall increase of 7.9% in rooms under contract, with China and Vietnam leading the construction activity. In the Middle East and Africa, the total rooms under contract slightly increased by 0.8%, with most development concentrated in the Middle East, specifically Saudi Arabia and the United Arab Emirates.
The Americas displayed the most robust growth, with a substantial 20% increase in total rooms under contract. The U.S. was the driving force behind this surge, followed by Mexico, Canada, and Brazil. This data sheds light on the varying pace of hotel development across different world regions, highlighting Europe’s unique decline amidst a generally upward global trend.
