According to the Lodging Econometrics (LE) Q1 2022 Construction Pipeline Trends Report, the hotel construction pipeline in the Asia-Pacific region, excluding China, has 1,880 projects/404,060 rooms, up from 7% per project and 9% per room from one year to the next. Year (YOY).
At the end of the first quarter, in the hotel construction pipeline in Asia-Pacific excluding China, there are currently 949 projects / 214,215 rooms under construction, up 9% by projects and 10% by rooms YOY. Projects scheduled for construction over the next 12 months stand at 357 projects/74,459 rooms and projects in early planning reached an all-time high this quarter, up 25% by project and 21% by rooms year-over-year, amounting to 574 projects/115,386 rooms at the end of the quarter. Q1 22 new project announcements in the region are up 28% per project and 24% per YOY rooms to 164 projects/26,105 rooms.
Over the past few months, an increasing number of countries in the region have updated their travel policies to allow domestic travel and some international travel and the region’s hospitality industry has already seen an increase in bookings. As more countries ease restrictions, demand for travel and tourism will increase, which is a key ingredient in the development of new hotels.
According to Lodging Econometrics (LE) analysts, the top countries in the Asia-Pacific hotel construction pipeline, excluding China, by number of projects are India with 316 projects/40,939 rooms, l Indonesia with 302 projects/48,276 rooms and Vietnam with 218 projects. /81,764 rooms. After Vietnam, at the end of the first quarter of 2022, Thailand has 165 projects with a record number of rooms of 39,721 rooms, and Japan closed the quarter with 162 projects/36,648 rooms. These five cities represent 62% of the total projects currently in the region’s pipeline.
Excluding China, the cities in the Asia-Pacific region with the most hotel projects in the current construction pipeline are Seoul, South Korea with 64 projects/12,221 rooms, followed by Jakarta, Indonesia with 63 projects/11,443 rooms, then Bangkok, Thailand with 61 projects/15,582 rooms.
According to LE Trend Report, as of Q1 22, the top hotel franchise companies in the Asia-Pacific construction pipeline, excluding China, are Marriott International with 270 projects/58,933 rooms, Accor with 210 projects/44,094 rooms, InterContinental Hotels Group (IHG) with 142 projects/30,719 rooms, Hilton Worldwide with 91 projects/21,510 rooms and Hyatt Hotels with 76 projects/15,214 rooms.
The leading construction pipeline brands for each of these companies, in Q1 22, are Marriott’s Courtyard by Marriott with 37 projects/7,931 rooms, Novotel by Accor with 47 projects/9,816 rooms, IHG’s Holiday Inn brand with 46 projects/10,182 rooms, Hilton’s Hotel & Resort with 32 projects/8,903 rooms and the Hyatt’s Regency brand with 21 projects/4,615 rooms.
Fifty new hotels, representing 9,755 rooms, opened in the Asia-Pacific region, excluding China, in the first quarter of 2022. LE analysts expect another 252 projects with 50,855 rooms to open during the rest of the year, totaling 302 new hotels with 60,610 rooms in 2022. In 2023, LE predicts that the Asia-Pacific region, excluding China, will open 351 new hotel projects, representing 71,178 rooms.
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