The Asia Pacific Hotel Construction Pipeline, excluding China, Down Slightly Year-Over-Year

According to the recent Construction Pipeline Trend Report for the Asia Pacific region from analysts at Lodging Econometrics (LE), Asia Pacific’s total const ruction pipeline, excluding China, at end the third quarter of 2021 stands at 1,758 projects/382,434 rooms. Projects are down slightly year-over-year (YOY) by 3% while rooms are down 1% YOY.

At the end of the third quarter, projects currently under construction stand at 858 projects/195,518 rooms, down 9% by projects and 8% by rooms. Projects scheduled to start construction in the next 12 months stand at 396 projects, up 1% YOY, and account for 78,030 rooms. Projects in early planning reached peak room counts and closed the quarter at 504 projects/108,886 rooms, up 5% by projects and 15% by rooms YOY.

The upper upscale and midscale chain scales each hit project and room count peaks at the end of Q3 and account for 26% of the region’s construction pipeline. Casino room counts in the region also reached record totals this quarter.

While the COVID-19 pandemic has left a lasting mark on regions across the globe, and the hotel and lodging industry continues to face challenges, the region is taking steps toward recovery. Excluding China, strict virus containment measures throughout the region have allowed for hotel construction to continue throughout the Asia Pacific region over the past 18 months. As evidenced by the increase in projects and rooms in early planning in the third quarter, developers are seeing this as a good time to announce new projects.

Source: https://www.hospitalitynet.org/news/4107592.html