The Q1 2024 Hotel Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE) reveals, at Q1, the resort building pipeline within the area elevated to 612 initiatives/144,222 rooms, up 5% by initiatives year-over-year (YOY).
At Q1 2024, initiatives presently beneath building stand at 302 initiatives/80,589 rooms. Projects scheduled to start out building within the subsequent 12 months stand at 133 initiatives/30,447 rooms, up 28% by initiatives YOY and 24% by rooms YOY. Projects within the early strategy planning stage stand at 177 initiatives/33,186 rooms, up 18% by initiatives and 12% by rooms YOY. New mission bulletins within the Middle East on the first quarter shut stand at 44 initiatives/8,346 rooms, whereas new building begins stand at 24 initiatives/5,733 rooms.
LE analysts report that, at Q1, prime Middle Eastern international locations with the best variety of initiatives are Saudi Arabia, with a file 318 initiatives, accounting for 75,761 rooms, and Egypt with record-high counts of 103 initiatives and 24,731 rooms. Following distantly are the United Arab Emirates with 89 initiatives/22,849 rooms, Qatar with 32 initiatives/8,053 rooms, and Oman with 32 initiatives/5,939 rooms.
Cities within the Middle East with the biggest pipelines at Q1 are led by the Provincial area with 144 initiatives/30,266 rooms, Riyadh with record-high counts of 93 initiatives and 18,715 rooms, Jeddah with a file 59 initiatives/12,262 rooms, Cairo with 40 initiatives/8,760 rooms, and Doha with 29 initiatives/7,365 rooms. Sixty % of the initiatives and 54% of the rooms within the area’s whole building pipeline are situated inside these 5 cities.
During the primary quarter, the Middle East opened 21 new accommodations/3,663 rooms. LE is forecasting a further 86 new accommodations/17,748 rooms to open all through the rest of the yr for a complete of 107 new accommodations/26,743 rooms to open by year-end 2024. By year-end 2025, LE analysts forecast one other 101 new accommodations/26,743 rooms to open throughout the Middle East.
About Lodging Econometrics (LE)
For over 25 years, Lodging Econometrics (LE) has been the industry-leading supplier of worldwide resort intelligence and decision-maker contact info. LE custom-builds enterprise growth database applications for resort franchise corporations trying to speed up their model development, resort possession and administration corporations searching for to develop their actual property portfolios, and lodging {industry} distributors wanting to extend their gross sales. To be taught extra about our enterprise growth applications contact us: +1 603.431.8740, ext 0025 or [email protected].
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