2 minute read Lodging Econometrics
According to the Q42022 Construction Pipeline Trend Report for the Asia Pacific area, omitting China, from Lodging Econometrics( LE), the area’s overall building pipeline stands at 1, 903 jobs/ 404,222 spaces, up 5% by tasks and 2% by spaces year-over-year( YOY).
At the Q4 close, tasks presently under building stand at946 jobs/210,559 spaces, up 5% by tasks YOY. Jobs arranged to begin building in the next12 months stand at317 tasks/65,745 spaces. Tasks in early preparation reached a record count at Q4, closing the quarter at640 jobs/127,918 spaces, up20% by tasks and14% by spaces YOY. The high-end, upper upscale, and high end chain scales each hit peak job counts at the end of Q4.
Five nations in the Asia Pacific area, leaving out China, represent61% of jobs in the area’s overall pipeline. The nations with the biggest pipelines in Asia Pacific, leaving out China, at the close of the 3rd quarter are led by India with383 jobs/47,539 spaces. Next is Vietnam, with 240 jobs/88,858 spaces, then Indonesia, with 227 jobs/37,319 spaces. These nations are followed by Thailand with 167 jobs/40,409 spaces and after that Japan with 150 tasks/31,368 spaces.
At the close of the 4th quarter, cities in the Asia Pacific area, omitting China, with the biggest building pipelines are led by Bangkok, Thailand with 66 jobs/17,116 spaces. Next is Seoul, South Korea, with 63 jobs/13,075 spaces, and Jakarta, Indonesia, with 49 projects/9,500 spaces. Kuala Lumpur, Malaysia follows with 45 tasks/12,953 spaces, and after that Phuket, Thailand with 32 projects/8,049 spaces.
The leading franchise business, representing 46% of visitor spaces in the overall building pipeline at Q4 2022, are Marriott International with 281 jobs/60,469 spaces, Accor with 215 tasks/47,544 spaces, InterContinental Hotels Group (IHG) with 158 jobs/33,475 spaces, Wyndham Worldwide follows with 125 tasks/31,139 spaces, then Hilton Worldwide with 91 tasks/21,336 spaces.
The biggest brand names in the pipeline for each of these business are Marriott International’s Courtyard brand name, with record job and space counts of 41 projects/8,750 spaces, and Marriott hotel, likewise reaching record job and space counts at Q4 with 36 projects/9,290 spaces; Accor’s Novotel brand name with 52 jobs/10,623 spaces and Mercure hotel with 30 projects/8,236 spaces; IHG’s Holiday Inn with 47 tasks/10,130 spaces and Holiday Inn Express with 27 projects/4,571 spaces; Wyndham Hotels & & Resorts’ Ramada Inn brand name with 51 projects/7,409 spaces and its Wyndham hotel brand name with 35 tasks/13,618 spaces; and Hilton’s hotel & & Resort brand name with 31 projects/8,643 spaces and Doubletree by Hilton with 27 projects/5,553 spaces.
The Asia Pacific area, beyond China, opened 318 brand-new hotels with 58,961 spaces through the close of the 4th quarter of2022 The LE projection for brand-new hotel openings anticipates 370 brand-new hotels/72,441 spaces to open in 2023 and 400 brand-new hotels with 77,524 spaces anticipate to open in 2024.
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