More than one million new hotel rooms are currently being constructed across the globe, a new report has revealed.
In its latest Global Construction Pipeline Trend Report, Lodging Econometrics (LE) found that the total new inventory of 1,012,987 rooms is contained within 5,504 projects, for an average room count of 184 per property. A further 3,675 projects comprising 516,709 rooms are scheduled to get underway in the next 12 months.
The total global pipeline, including all signed projects at any stage of planning or development, comprises 11,776 projects and 1.96 million rooms.
Marriott International has the largest global pipeline with 2,190 projects comprising 368,077 rooms, followed by Hilton Worldwide (1,841 projects with 283,326 rooms), IHG (1,351 projects with 209,208 rooms) and Choice Hotels (488 projects with 42,933 rooms).
The US has the largest total pipeline, with 4,960 projects comprising 598,688 rooms, followed by China (2,340 projects with 525,640 rooms). More than half (57%) of global hotel development is now concentrated in these two countries.
Dubai however, has the largest pipeline of any city, with 117 projects and 32,899 rooms, followed by New York City (192 projects, 30,541 rooms), Seoul (154 projects, 30,456 rooms), Shanghai (125 projects, 23,252 rooms) and Sanya (60 projects, 22,629 rooms).