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, states that the total global construction pipeline stands at 12,839 projects/2,158,422 rooms which are at all-time highs. The construction pipeline is up an extraordinary 86% by projects over the cyclical low established in 2011 when global counts were at 6,907 projects/1,257,296 rooms.
As the line between work and leisure trips continues to blur, serviced apartment operators are both fuelling and catering for this growing 'b-leisure' market.
U.S. hotel deal volume increased 11.3% during the first half of 2018, while transaction price per room was up 12.2%, according to STRs midyear update of the Hotel Transaction Almanac.
Hong Kong pushes ahead as the region's most traded city, according to JLL
The Asia Pacific room construction total represented a 33.9% increase compared with July 2017.
The United Kingdom led Europe's hotel supply pipeline with 38,315 rooms in construction through July 2018, which is 5.8% of the country's existing hotel room supply.
The Middle East room construction total represented a 27.5% increase compared with July 2017. The Africa room construction total represented a 7.1% decrease compared with July 2017.
Lifestyle hotels are carving out a niche in Asia Pacific, boosted by youthful guests looking for authenticity, community and local experiences coupled with features like innovative design, good connectivity and convenient locations.
The U.S. reported 190,260 rooms in construction through July 2018, which is a 0.8% year-over-year increase.
Overall hotel deal activity slowed year-over-year; however, trading of traditional product remained strong with rebounding activity in Western Canada.