Topic: Construction Pipeline
At 14,051 projects and 2,327,923 rooms, the total global hotel-construction pipeline reached a record high by the end of Q2.
With 1,469 projects and 193,458 rooms in development, Marriott International’s U.S. pipeline grew 9 percent year over year.
Though current projects under construction stand at their highest level since 2008, new project announcements and conversions are in decline, according to Lodging Econometrics.
With construction costs continuing to grow faster than normal, we take a look at whether there’s an end in sight and what hotels can do to reduce expenses.
April marked the seventh straight month of year-over-year growth, with its 9.9 percent rise the highest since August 2017.
At the end of March, the U.S. construction project pipeline stood at 5,647 projects, 236 fewer than in Q2 2008.
The region has a total of 6,268 hotel projects with 800,298 guestrooms in the construction pipeline.
The global construction pipeline has increased seven percent from hotel projects year-over-year.
China's total construction pipeline currently has 2,481 hotel projects with 546,424 guestrooms.
Saudi Arabia has a pipeline of 209 hotel projects while Nigeria's pipeline has 38 projects.