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Middle Eastearn Hotel Construction Pipeline Rises to 612 Projects/144,222 Rooms at Q1 2024

The Q1 2024 Hotel Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE) reveals, at Q1, the hotel construction pipeline in the region increased to 612 projects/144,222 rooms, up 5% by projects year-over-year (YOY).

At Q1 2024, projects currently under construction stand at 302 projects/80,589 rooms. Projects scheduled to start construction in the next 12 months stand at 133 projects/30,447 rooms, up 28% by projects YOY and 24% by rooms YOY. Projects in the early planning stage stand at 177 projects/33,186 rooms, up 18% by projects and 12% by rooms YOY. New project announcements in the Middle East at the first quarter close stand at 44 projects/8,346 rooms, while new construction starts stand at 24 projects/5,733 rooms.

LE analysts report that, at Q1, top Middle Eastern countries with the greatest number of projects are Saudi Arabia, with a record 318 projects, accounting for 75,761 rooms, and Egypt with record-high counts of 103 projects and 24,731 rooms. Following distantly are the United Arab Emirates with 89 projects/22,849 rooms, Qatar with 32 projects/8,053 rooms, and Oman with 32 projects/5,939 rooms.

Cities in the Middle East with the largest pipelines at Q1 are led by the Provincial region with 144 projects/30,266 rooms, Riyadh with record-high counts of 93 projects and 18,715 rooms, Jeddah with a record 59 projects/12,262 rooms, Cairo with 40 projects/8,760 rooms, and Doha with 29 projects/7,365 rooms. Sixty percent of the projects and 54% of the rooms in the region’s total construction pipeline are located within these five cities.

During the first quarter, the Middle East opened 21 new hotels/3,663 rooms. LE is forecasting an additional 86 new hotels/17,748 rooms to open throughout the remainder of the year for a total of 107 new hotels/26,743 rooms to open by year-end 2024. By year-end 2025, LE analysts forecast another 101 new hotels/26,743 rooms to open across the Middle East.

Posted by on May 15, 2024.

Categories: Trends

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