LONDON– Each of the 4 world areas revealed a year-over-year decrease in hotel building and construction activity, with Asia Pacific coming closest to its 2022 equivalent, according to March 2023 pipeline information from STR
March 2023 (% modifications in contrast with March 2022):
- In Construction: 184,851 spaces (-182%)
- Final Planning: 133,580 spaces (-159%)
- Planning: 156,095 spaces (-5.4%)
- Total Under Contract: 474,526(-137%)
- Germany (34,030) and the U.K. (29,160) lead Europe in overall spaces in building and construction
- In Construction: 476,993 spaces (-0.8%)
- Final Planning: 105,435 spaces (-296%)
- Planning: 322,507( 1.9%)
- Total Under Contract: 904,935 spaces (-4.4%)
- Among nations in the area, China has the most spaces in building and construction (299,458), followed by Vietnam (36,358).
Middle East & & Africa
- In Construction: 119,505 spaces (-5.8%)
- Final Planning: 45,529 spaces ( 204%)
- Planning: 84,116 spaces ( 212%)
- Total Under Contract: 249,150( 6.4%)
- Most of the area’s pipeline activity is focused in the Middle East. Saudi Arabia (42,033) and the United Arab Emirates (22,324) lead in building activity.
- In Construction: 197,844 spaces (-4.5%)
- Final Planning: 277,598 spaces ( 322%)
- Planning: 278,383 spaces (-196%)
- Total Under Contract: 753,825(-1.2%)
- The U.S. holds most of spaces in building and construction in the area. After the U.S., Mexico (10,803), Canada (5,899) and Brazil (5,549) reveal the greatest variety of spaces in building.
STR offers premium information benchmarking, analytics and market insights for the worldwide hospitality market. Established in 1985, STR preserves an existence in 15 nations with a North American head office in Hendersonville, Tennessee, a worldwide head office in London, and an Asia Pacific head office in Singapore. STR was gotten in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), a leading company of online realty markets, info and analytics in the business and home markets. For additional information, please go to str.com and costargroup.com
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