The U.S. is leading the global hotel construction boom, with a record 6,095 hotel projects with more than 700,000 rooms in the pipeline in the second quarter, according to Lodging Econometrics’ (LE) latest Global Construction Pipeline Trend Report.
China follows, with 3,815 hotel projects and nearly 700,000 rooms, the report said. Together, these two countries account for 64 percent of the total worldwide hotel construction pipeline. And when it comes to cities, Dallas and Atlanta lead the way with the largest pipelines by project counts. Dallas boasts 189 projects and 22,392 rooms, and Atlanta has a record high of 159 projects and 18,522 rooms, outpacing major Chinese cities like Chengdu and Shanghai.
The report indicates that 6,265 hotel projects are currently under construction globally, with an additional 5,216 projects in the early planning stages, reflecting a 10 percent year-over-year increase. The projects span across various stages, from early planning to construction phases.
Facade of the Hyatt Regency Waikiki hotel, island of Oahu, Honolulu, Hawaii, July 24, 2024.
Facade of the Hyatt Regency Waikiki hotel, island of Oahu, Honolulu, Hawaii, July 24, 2024.
Smith Collection/Getty Images
Newsweek spoke with Professor Dimitrios Buhalis of Bournemouth University in the U.K., who specializes in marketing, strategy and innovation, about the trend in hotel construction.
“There’s a bigger demand, especially after covid,” he said. “People would like to travel because they do not value material goods, but they value experiences.”
“A lot of the American hotel stock is quite dated,” Buhalis adding, pointing out that some of the hotels will be going out of the market as they cannot compete with Asia and the Middle East.
Buhalis said that hotels are finding competition with Airbnb, and as such are developing “flexible accommodation structures” which may have facilities like connecting rooms and cooking equipment. “Companies modernize their inventory,” he said.
“There’s an opportunity to modernize, to create more sustainable buildings, more efficient buildings,” he added.
“To operate hotels with fewer people, we need more efficient hotels, technology embedded already to be able to support robots to have more environmental process, and lower carbon emissions.”
Looking ahead, the trend of robust hotel construction is expected to continue, effecting the U.S. economy in terms of employment, tourism and real estate.
Buhalis described this as, “An ecosystem,” which makes “a contribution to the economy.” “There’s a huge impact on the construction industry,” he said. “All this needs to be constructed, and all the materials, and all the people and all the construction industry, there is an ecosystem that is driven around the hotel with food and the agricultural sector, where all the food that’s consumed, all the materials used is being constructed.”
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Publish date : 2024-08-29 03:56:00
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