Each of the 4 world areas revealed a year-over-year decrease in hotel building activity, with Asia Pacific coming closest to its2022similar, according to March 2023 pipeline information from STR.
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.
- 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 and construction activity.
- In Construction: 197,844 spaces (-4.5%)
- Final Planning: 278,383 spaces (-196%)
- Planning: 277,598 spaces ( 322%)
- 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 supplies premium information benchmarking, analytics and market insights for international hospitality sectors. Established in 1985, STR keeps an existence in 15 nations with a business North American head office in Hendersonville, Tennessee, a global head office in London, and an Asia Pacific head office in Singapore. STR was obtained in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading company of industrial property info, analytics and online markets. For additional information, please check out str.com and costargroup.com
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