STR: HOTEL CONSTRUCTION DOWN ACROSS WORLD REGIONS
Each of the four world regions showed a year-over-year decline in hotel construction activity, with Asia Pacific coming closest to its 2022 comparable, according to March 2023 pipeline data from STR. |
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STR: HOTEL CONSTRUCTION DOWN ACROSS WORLD REGIONS
Each of the four world regions showed a year-over-year decline in hotel construction activity, with Asia Pacific coming closest to its 2022 comparable, according to March 2023 pipeline data from STR. |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2023-04-24
March 2023 (% changes in comparison with March 2022):
Europe
- In Construction: 184,851 rooms (-18.2%)
- Final Planning: 133,580 rooms (-15.9%)
- Planning: 156,095 rooms (-5.4%)
- Total Under Contract: 474,526 (-13.7%)
Germany (34,030) and the U.K. (29,160) lead Europe in total rooms in construction.
Asia Pacific
- In Construction: 476,993 rooms (-0.8%)
- Final Planning: 105,435 rooms (-29.6%)
- Planning: 322,507 (+1.9%)
- Total Under Contract: 904,935 rooms (-4.4%)
Among countries in the region, China has the most rooms in construction (299,458), followed by Vietnam (36,358).
Middle East & Africa
- In Construction: 119,505 rooms (-5.8%)
- Final Planning: 45,529 rooms (+20.4%)
- Planning: 84,116 rooms (+21.2%)
- Total Under Contract: 249,150 (+6.4%)
Most of the region’s pipeline activity is focused in the Middle East. Saudi Arabia (42,033) and the United Arab Emirates (22,324) lead in construction activity.
Americas
- In Construction: 197,844 rooms (-4.5%)
- Final Planning: 278,383 rooms (-19.6%)
- Planning: 277,598 rooms (+32.2%)
- Total Under Contract: 753,825 (-1.2%)
The U.S. holds the majority of rooms in construction in the region. After the U.S., Mexico (10,803), Canada (5,899) and Brazil (5,549) show the highest number of rooms in construction.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets.
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