Q2 Global Hotel Construction Pipeline Led by the United States and China

Q2 Global Hotel Construction Pipeline Led by the United States and China

04 Sep, 2023

 

Q2 Global Hotel Construction Pipeline Led by the United States and China

 

During the second quarter, the United States and China collectively represent a substantial 63 percent share of the global hotel construction pipeline, as revealed in a recent Lodging Econometrics report. In this period, the United States took the lead, contributing 38 percent of the total project count, encompassing 5,572 projects and 660,061 rooms. Following closely is China, accounting for 25 percent of the global construction pipeline, with 3,666 projects and 678,965 rooms—surpassing the U.S. in room count by approximately 2.8 percent during this quarter. India trails behind with 480 projects and 57,161 rooms.

More specifically, major U.S. cities with the highest project numbers in the second quarter include Dallas, boasting 184 projects and 21,501 rooms; Atlanta, with 141 projects and 17,993 rooms; and Phoenix, hosting 119 projects and 16,107 rooms.

China's pipeline features larger hotels, with prominent markets such as Chengdu, boasting 140 projects and 27,890 rooms, and Shanghai, with 117 projects and 22,887 rooms. Among the 11 markets with over 100 projects in their pipelines, seven are in the U.S., three are in China, and one is in Saudi Arabia.

Despite its robust pipeline, Phoenix has experienced one of the lowest occupancy rates among STR's Top 25 U.S. markets in July, standing at 58.9 percent. Phoenix's occupancy performance has been consistently lagging since June, and how it will fare with additional volume remains uncertain.

According to Lodging Econometrics' report, three hotel companies lead the global construction pipeline with "record-high project counts" in Q2: Hilton Worldwide, Marriott International, and InterContinental Hotels Group, collectively accounting for 50 percent of the global construction pipeline. Specifically, Hilton takes the lead with 2,808 projects and 398,742 rooms, followed closely by Marriott with 2,679 projects and 429,925 rooms.IHG has 1,764 projects underway, comprising a total of 259,668 rooms in their global construction pipeline.

In the global market, Lodging Econometrics reports that luxury, upper upscale, and upper-midscale chains—segments catering to business travel—comprise a dominant 47 percent share of projects in the global construction pipeline during the second quarter.

 


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