2 minute read Lodging Econometrics
In the just recently launched China Construction Pipeline Trend Report from Lodging Econometrics( LE), experts report that the nation’s overall hotel building pipeline, at the close of the 4th quarter, stands at 3,581 tasks/675,074 spaces.
At the close of 2022, hotel advancement in China continued to progress regardless of the nation’s financial downturn. This deceleration, due in part to strenuous COVID limitations, decreased need for exports, and a realty decrease, is anticipated to rebound in2023 as more cities execute unwinded COVID standards and customer costs and property investing boost.
Projects currently under building in China are at 2,618 jobs/472,396 spaces, up 2% and 1% year-over-year (YOY), respectively. Jobs set up to begin building in the next 12 months stand at 404 tasks/79,048 spaces and jobs in the early preparation phase closed the quarter standing at 559 jobs/123,630 spaces. The high end chain scale reached peak task counts in the 4th quarter, representing 22% of jobs and 28% of the spaces in China’s hotel building pipeline.
Cities in China with the biggest pipelines, at the Q4 close, are Chengdu with 132 jobs/26,891 spaces, Shanghai with 117 jobs/22,539 spaces, Guangzhou with 108 jobs/23,492 spaces, Hangzhou with 102 tasks/21,519 spaces, and Xi’an with 96 tasks/17,297
Franchise business topping China’s building pipeline at the Q4 close are led by Hilton Worldwide with 680 tasks/123,403 spaces and InterContinental Hotels Group (IHG) with record job and space counts of 454 jobs/94,009 spaces. Next is Marriott International with 370 tasks/97,497 spaces, Accor with 222 tasks representing a record-high 39,141 spaces, and after that Jin Jiang Holdings with 177 tasks/17,864 spaces.
Top brand names in the pipeline at the close of the quarter are led by Hampton by Hilton with 358 tasks/53,409 spaces. Hilton’s 2nd biggest brand name, by task count, is its Hilton Garden Inn brand name with 98 jobs/19,065 spaces. IHG brand names with the best variety of job counts in the pipeline at Q4 are Holiday Inn Express with 181 tasks/29,138 spaces and its Holiday Inn brand name with 75 tasks/18,261 spaces. The leading brand names for Jinjiang Holdings are 7 Days Inn with 90 projects/7,060 spaces and Vienna hotel with 34 projects/3,522 spaces. Marriott brand names with the biggest job counts are the full-service Marriott hotel with 63 tasks/19,236 spaces and Four Points hotel with 60 jobs/16,191 spaces. Accor’s leading brand names in China are its Ibis brand names, with 68 projects/6,953 spaces, and its Mercure hotel brand name with 59 projects/9,114 spaces.
Throughout 2022, there were 469 brand-new hotels that opened in China. In 2023, LE experts anticipate 787 brand-new hotel tasks to open, representing 115,943 spaces, and in 2024 LE projections 893 brand-new hotel jobs/145,744 spaces to open throughout the nation.
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