According to the March 2023 pipeline data from STR, each of the four world regions experienced a year-over-year decline in hotel construction activity, with Asia Pacific showing the smallest decrease compared to its 2022 comparable.
In Europe, the total number of rooms under construction, in final planning and in planning, decreased by 18.2%, 15.9%, and 5.4%, respectively, with Germany and the U.K. leading the region in total rooms in construction.
In the Asia Pacific region, the total number of rooms under construction decreased by 0.8%, with China having the most rooms in construction, followed by Vietnam.
The Middle East and Africa showed a 5.8% decrease in the number of rooms under construction, with Saudi Arabia and the United Arab Emirates leading in construction activity.
The Americas showed a 4.5% decrease in the number of rooms under construction, with the U.S. holding the majority of rooms in construction in the region, followed by Mexico, Canada, and Brazil.
However, final planning increased by 32.2%, while planning decreased by 19.6%.