In line with the latest Building Pipeline Pattern Report from Lodging Econometrics (LE), the full lodge development pipeline within the Asia Pacific excluding China (APEC) elevated 4% year-over-year (YOY) and closed 2023’s fourth quarter with a record-high 1,977 tasks and 402,156 rooms.
On the shut of the quarter, tasks presently beneath development account for 47% of the tasks within the area’s whole pipeline, with 922 tasks/212,607 rooms. Tasks scheduled to begin development within the subsequent 12 months elevated 8% YOY to face at 342 tasks/65,079 rooms on the This autumn shut. Tasks within the early strategy planning stage grew 11% YOY and hit an all-time excessive of 713 tasks with 124,470 rooms.
Increased-end chain scale mission totals are up within the APEC area at This autumn, with luxurious, higher upscale, upscale tasks and room counts all reaching document highs. Luxurious lodge development tasks within the area elevated 9% YOY to shut the quarter at 241 tasks/46,808 rooms. Higher upscale tasks grew 12% since This autumn 2022 to face at 370 tasks/83,083 rooms, and upscale tasks elevated 6% YOY to shut the fourth quarter with 447 tasks/96,730 rooms.
At This autumn, international locations within the APEC area with the biggest pipelines are led by India, which accounts for 26% of the tasks within the area’s whole pipeline with a document 514 tasks/61,075 rooms. Subsequent is Vietnam with 253 tasks/88,827 rooms, then Indonesia with 208 tasks/34,682 rooms. These international locations are adopted by Thailand with 155 tasks/37,955 rooms after which Japan with 155 tasks/30,024 rooms.
Cities within the area with the biggest development pipelines at This autumn 2023 are Bangkok, Thailand with 61 tasks/14,915 rooms; Jakarta, Indonesia, with 50 tasks/9,748 rooms; and Melbourne, Australia, with 45 tasks/8,354 rooms. Kuala Lumpur, Malaysia, follows with 36 tasks/10,736 rooms, after which Phuket, Thailand, with 36 tasks/9,525 rooms.
The APEC area had 357 new lodges/57,470 rooms open in 2023. LE analysts forecast one other 381 new lodges with 74,341 rooms to open in 2024 and 379 new lodges with 76,422 rooms to open in 2025.