The hotel industry continues to boom, with a record high of more than 2.2m hotel rooms in the pipeline – a 6% increase over the last year.
Lodging Econometrics, the global leader for hotel real estate intelligence has released its year-end Global Construction Pipeline Trend Report, which compiles the construction pipeline counts for countries and markets around the world. At the close of 2018, LE analysts state that the total global construction pipeline hit record highs with 13,573 projects/2,265,792 rooms, a 7% increase in projects year-over-year.
The global pipeline has ascended for eight consecutive years after reaching its cyclical low in 2010. All regional pipelines, with the exception of South America, continued their upward trend year-over-year. Four of the seven global regions reached all-time highs in 2018: Europe, Africa, Middle East and Asia Pacific.
There are a record high 6,352 projects/1,172,591 rooms currently under construction worldwide. Projects scheduled to start construction in the next 12 months are at 3,860 projects/572,483 rooms. Projects in the early planning stage stand at 3,361rooms/520,718 projects, also at an all-time high. The United Kingdom the pipeline is 266 projects/38,590 rooms.
Around the world, the cities with the largest pipeline counts are New York City with 171 projects/29,457 rooms, Dubai with 168 projects/49,943 rooms, and Dallas with 163 projects/19,476 rooms. Los Angeles follows with 147 projects/23,404 rooms, and Guangzhou, China with 132 projects/28,694 rooms.
The leading franchise companies in the global construction pipeline by project count are
- Marriott International with 2,544 projects/420,405 rooms
- Hilton Worldwide with 2,252 projects/333,209 rooms
- InterContinental Hotels Group (IHG) with 1,716 projects/249,379
- AccorHotels with 966 projects/177,052 rooms.
These four companies account for 55% of all projects in the global pipeline.
Contact your Global Travel Management Account Manager next time you need to book a hotel room, anywhere in the world.