There has been a 7% year-on-year growth in the global hotel pipeline according to a new report from a global real estate consultant company.
The Lodging Econometrics (LE) global construction pipeline trend report, which compiles the construction pipeline for every country and market in the world, states that the total pipeline now stands at 12,714 projects totalling 2,14m rooms.
The report found that there are 5,952 projects or 1,12m rooms currently under construction which is an 8% increase by projects YOY.
Projects scheduled to start construction in the next 12 months was found to total 3,988 projects or 584,433 rooms – up 6%. Furthermore projects in early planning was found to be 2,774 projects or 439,281 rooms 5% increase.
The leading five franchise companies in the global construction pipeline by project-count were found as:
- Marriott International with 2,381 projects or 398,238 rooms
- Hilton Worldwide with 2,180 projects or 322,857 rooms
- InterContinental Hotels Group (IHG) with 1,600 projects or 234,807 rooms
- AccorHotels with 781 projects or 140,396 rooms,
- Choice Hotels with 629 projects or 153,992 rooms.
The leading brands for each of these companies are:
- Marriott’s Fairfield Inn with 357 projects or 38,826 rooms
- Hilton’s Hampton Inn & Suites with 599 projects or 75,642 rooms
- IHG’s Holiday Inn Express with 709 projects or 86,836 rooms
- Accor’s Ibis with 156 projects or 22,361 rooms
- Choice’s Comfort Suites with 126 projects or 10,983 rooms
JP Ford, ISHC, Principal Lodging Econometrics said: “Although the global hotel construction pipeline is up modestly year-over-year, the threat of ‘over supply’ is rather tempered, albeit with the exception of a few markets.”