The This autumn 2023 International Resort Development Pipeline Pattern Report from Lodging Econometrics (LE) revealed that the worldwide resort development pipeline hit all-time excessive venture counts in This autumn. On the shut of 2023, LE analysts said that the overall world development pipeline stands at 15,196 initiatives/2,367,727 rooms, a 7 % enhance in initiatives, and a 3 % enhance in rooms year-over-year (YOY).
There have been 6,160 initiatives/1,096,748 rooms at present underneath development worldwide in This autumn 2023, for a 2 % enhance by initiatives YOY. Initiatives scheduled to start out development within the subsequent 12 months stood at 3,850 initiatives/536,588 rooms, for a 7 % enhance by initiatives and a 5 % enhance by rooms YOY. Initiatives and rooms within the early strategy planning stage have been at all-time highs and stand at 5,186 initiatives/734,391 rooms, growing 12 % and 6 % YOY, respectively. Moreover, the renovation and conversion pipeline globally was the best it has ever been, reaching 3,291 initiatives/510,584 rooms on the finish of This autumn 2023.
The highest international locations by venture depend have been led by the US, with an all-time excessive by initiatives of 5,964 initiatives/693,963 rooms. Following the US was China, reaching an all-time excessive of three,788 initiatives with 691,772 rooms. In This autumn, the US represented 39 % of the initiatives within the whole world pipeline, whereas China accounts for 25 % of the initiatives within the whole pipeline, leading to 64 % of all world initiatives in simply these two international locations. Distantly following have been India with 514 initiatives/61,075 rooms, the UK with 322 initiatives/43,990 rooms, and Saudi Arabia with 300 initiatives/72,761 rooms.
Three of the 5 cities with the most important development pipeline totals have been positioned in the US in This autumn: Dallas, Texas, with 193 initiatives/22,291 rooms; Atlanta, Georgia, with 151 initiatives/18,730 rooms; and Nashville, Tennessee, with 123 initiatives/16,148 rooms. Chengdu, China, additionally ranked among the many prime 5 cities with 148 initiatives/29,575 rooms. The Provincial cities in Saudi Arabia adopted with 133 initiatives/28,656 rooms.
Globally, throughout 2023, 1,978 new resorts opened, accounting for 292,380 rooms, 636 of these resorts and 94,559 rooms within the fourth quarter. LE analysts forecast a further 2,550 new resorts with 389,799 rooms to open by year-end 2024 and one other 2,804 new resorts/430,546 rooms to open in 2025.
