Monday, November 11, 2024 APEC’s hotel sector hits new highs in 2024, with Vietnam, Indonesia, and India driving record-breaking growth in project pipelines and openings. The hotel development industry across the Asia-Pacific region, excluding China, has seen substantial growth through the third quarter of 2024. As of Q3’s conclusion, the project pipeline reached 2,072 hotel projects and 410,863 rooms, showing year-over-year (YOY) growth of 7% in projects and 3% in room counts.
Unprecedented Growth in Hotel Development At the close of Q3, there were 848 hotel projects under active construction, translating to 197,576 rooms being built.Moreover, there are 354 projects planned for the next 12 months, which will add a total of 64,571 rooms. The early planning phase has reached a new record, with 870 projects and 148,716 rooms—a significant increase of 28% in projects and 18% in rooms from last year.
This rapid expansion signals a promising outlook for hotel development across the region, fueled by rising demand and robust investment. Pipeline Dominated by Upper Chain Scales Upper upscale, upscale, and upper midscale segments are leading the development pipeline, comprising 61% of the projects and 64% of the rooms. The upscale sector has particularly surged, reaching an all-time high of 510 projects with 101,067 rooms.
The upper midscale segment follows closely, with 388 projects and 79,773 rooms, while upper upscale accounts for 372 projects with 82,130 rooms. The luxury h.
