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March 2024 (% change compared to March 2023):
Europe
Under construction: 172,499 rooms (-6.8%)
Final Planning: 99,744 rooms (-25.3%)
Planning: 160,404 rooms (+3.1%)
Total Contracted: 432,647 rooms (-8.8%)
Among Countries in the region, Germany (28,500) led construction activity, closely followed by the United Kingdom (28,423).
Asia Pacific
Under construction: 502,610 rooms (+5.6%)
Final Planning: 109,926 rooms (+5.6%)
Planning: 289,041 rooms (-11.0%)
Total Contracted: 901,577 rooms (-0.4%)
China leads the Asia Pacific region in total number of rooms under construction (315,145), followed by Vietnam (37,113).
Middle East and Africa
Under construction: 110,783 rooms (-7.3%)
Final Planning: 36,173 rooms (-20.9%)
Planning: 81,316 rooms (-3.3%)
Total Contracted: 228,272 rooms (-8.5% )
Most of the region's pipeline activity is focused on the Middle East. Saudi Arabia (42,464) and the United Arab Emirates (19,046) have the highest number of rooms under construction.
Americas
Under construction: 205,998 rooms (+4.1%)
Final Planning: 296,374 rooms (+6.8%)
Planning: 378,628 rooms (+36.0%)
Total Contracted: 881,000 rooms (+16.9%)
United States (156,525) has the majority of rooms under construction in the region. After the US, Mexico (13,335), Canada (7,603) and Brazil (5,799) show the highest number of rooms under construction.
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Source: CoStar Group.