Marriott International Inks Landmark Agreement With Rua Al Madinah Holding Company to Open Eight Hotels in Saudi Arabia
Marriott International | March 20, 2023
Marriott International, Inc. announced it has signed an agreement with Rua Al Madinah Holding Company to open eight hotels in the Holy City of Madinah in Saudi Arabia. Located in close proximity to the Prophet’s Mosque, Al Masjid An Nabawi, the planned properties will be part of the Rua Al Madinah Project which aims to elevate the service and travel experience for visitors of Madinah. The anticipated openings will feature approximately 4,400 rooms across eight of the company’s brands – The Ritz-Carlton, JW Marriott, Marriott Hotels, Westin Hotels & Resorts, Le Méridien Hotels & Resorts, Four Points by Sheraton, Aloft Hotels, an...
Projects in the Early Planning Stage of the Global Hotel Construction Pipeline Reach Record High Counts at 2022 Year-End
Lodging Econometrics (LE) | February 27, 2023
February 27, 2023 – PORTSMOUTH, NH – Lodging Econometrics (LE) has released its Q4 year-end Global Construction Pipeline Trend Report. At the close of 2022, LE analysts state that the total global construction pipeline stands at 14,267 projects, a 4% increase year-over-year (YOY), with 2,298,846 rooms. The global pipeline has remained relatively flat for three consecutive years, following the onset of the COVID-19 pandemic, after reaching peak project and room counts in Q4 2019. However, three of the seven world regions tracked by LE, the United States, Canada, and Asia Pacific, continue to have pipelines trending upward, YOY. The remaini...
Major Hotel Franchises Companies Move Forward With Construction Projects in Europe Despite Economic Slowdown
Lodging Econometrics (LE) | February 15, 2023
February 15, 2023 – PORTSMOUTH, NH In the year-end 2022 Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that at the close of the fourth quarter, Europe’s total construction pipeline stands at 1,711 projects/260,911 rooms. At the Q4 close, there are 784 projects/123,377 rooms currently under construction, 403 projects/60,724 rooms scheduled to start construction in the next 12 months, and projects in the early planning stage reached a record-high count of 524 projects, accounting for 76,810 rooms. Despite slowed economic growth throughout the region in 2022, Europe remains the most popu...
Project and Room Counts in All Stages of the U.S. Hotel Construction Pipeline Increase YOY at Q4 2022 Close
Lodging Econometrics (LE) | January 23, 2023
January 23, 2023 – PORTSMOUTH, NH In the most recent Construction Pipeline Trend Report for the United States (U.S.) from Lodging Econometrics (LE), at the close of 2022’s fourth quarter, the U.S. construction pipeline stands at 5,465 projects/650,626 rooms, up 14% by projects and 12% rooms Year-Over-Year (YOY). In Q4, all stages of hotel construction in the U.S. experienced positive YOY growth. At the close of the quarter, there are 1,008 projects/135,492 rooms under construction, up 4% by projects and 3% rooms YOY. Projects scheduled to start construction in the next 12 months stand at 2,073 projects/235,222 rooms, up 14% by proje...
STR: U.S. Hotel Construction Up Year Over Year for First Time Since Late 2020
STR | January 18, 2023
HENDERSONVILLE, Tennessee—After 25 consecutive months of year-over-year declines, U.S. hotel construction increased slightly in December, according to pipeline data from STR. At a market-level, New York City, Phoenix and Dallas are set to see the largest supply percentage increases from current construction. Among the chain scales, the Luxury and Upscale segments lead in that measurement. U.S. Hotel Pipeline December 2022 (percentage change in comparison with December 2021): In Construction: 159,344 rooms (+0.3%) Final Planning: 213,066 rooms (+15.0%) Planning: 240,092 rooms (-15.6%) “While the overall pipeline ...
The U.S. Hotel Construction Pipeline Shows Positive Growth Year-Over-Year at Q3 2022 Close
Lodging Econometrics (LE) | October 26, 2022
October 26, 2022 – PORTSMOUTH, NH According to the third quarter Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE), the U.S. construction pipeline stands at 5,317 projects/629,489 rooms, up 10% by projects and 6% rooms Year-Over-Year (YOY). At the close of Q3, there are 987 projects/135,050 rooms under construction in the U.S. Projects scheduled to start construction in the next 12 months, stand at 2,074 projects/236,894 rooms, up 14% by projects and 13% by rooms YOY, respectively. Project counts in the early planning stage reached record highs, in Q3, standing at 2,256 projects/257,545 rooms, a 1...
Global Construction Pipeline Projects in Early Planning Rise to New Record High
Lodging Econometrics (LE) | August 29, 2022
Lodging Econometrics (LE) has released its bi-annual Global Construction Pipeline Trend Report, which compiles the construction pipeline counts for every country and market around the world. In the Q2 2022 report, LE analysts state that the total global construction pipeline stands at 14,117 projects/2,293,131 rooms, up 5% by projects and 2% by rooms year-over-year (YOY). There are 6,074 projects/1,110,174 rooms currently under construction at the Q2 close. Projects scheduled to start construction in the next 12 months, at 3,664 projects/525,096 rooms, are up 1% by projects YOY and unchanged by rooms, while projects in early planning reach...
Top-Tier Chain Scales Lead Hotel Construction Projects in the Middle East at Q2
Lodging Econometrics (LE) | August 25, 2022
In the recent Middle East Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of 2022’s second quarter, the total pipeline stands at 545 projects/140,055 rooms, up 3% by projects year-over-year (YOY). Economic and geopolitical uncertainty still pose many challenges throughout the Middle East, but as travel restrictions have been gradually lifted across the region, domestic travel and tourism numbers have improved throughout the first two quarters. For the second consecutive quarter, 72% of the projects in the Middle East are in the top three chain scales (luxury, upper upscale, and upscale), with upper ups...
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