ΔΙΕΘΝΗΣ ΕΛΛΗΝΙΚΗ ΗΛΕΚΤΡΟΝΙΚΗ ΕΦΗΜΕΡΙΔΑ ΠΟΙΚΙΛΗΣ ΥΛΗΣ - ΕΔΡΑ: ΑΘΗΝΑ

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Πέμπτη 8 Αυγούστου 2024

LE: Latin America pipeline expands with 11% YOY growth

 

The Q2 2024 Latin America construction pipeline trend report from Lodging Econometrics (LE) indicates a positive growth trajectory for the region’s hospitality sector, with stable growth in new hotel openings forecast through 2026. This projected growth is supported by the region’s expanding construction pipeline, currently standing at 612 projects (97,597 rooms), marking an 11% increase in projects and a 10% increase in rooms year-over-year.

At the end of the second quarter, Latin America has 253 projects with 44,319 rooms under construction, reflecting an 11% YOY increase in projects and a 15% increase in rooms. Additionally, projects scheduled to start construction in the next 12 months stand at 187 projects/29,476 rooms, up 18% by projects and 17% by rooms YOY, while projects in the early planning stage increased by 3% YOY to stand at 172 projects/23,802 rooms at the close of the quarter.

Key chain scale segments in Latin America at the Q2 close include the upscale segment with 133 projects/18,807 rooms, the upper-upscale segment with 101 projects/20,234 rooms, and the luxury segment with 96 projects/17,154 rooms.

Renovation and conversion activity is also on the rise in the region, with a record-breaking 186 projects/29,500 rooms at the end of Q2, representing a 30% YOY increase in projects and an 11% increase in rooms.

Countries with the greatest number of projects in the pipeline at the Q2 close include Mexico with 226 projects and 33,599 rooms, followed by Brazil with 93 projects/13,911 rooms. These two countries account for 52% of the projects and 49% of the rooms in the total pipeline. The Dominican Republic follows with an all-time high of 51 projects/12,695 rooms, then Colombia with 27 projects/3,671 rooms.

Top cities in Latin America with the largest pipelines include Mexico City with 22 projects/2,467 rooms, Georgetown with 15 projects/2,089 rooms, Sao Paulo with 12 projects/2,559 rooms, Lima with 12 projects/1,914 rooms and Riviera Maya with 12 projects/1,421 rooms.

New projects announced into the Latin America pipeline during the second quarter are up 32% YOY with 62 projects/8,740 rooms.

In the first half of 2024, 40 new hotels/8,730 rooms opened in Latin America. LE’s forecast for the remainder of the year anticipates an additional 60 new hotels with 8,825 rooms to open in Q3 and Q4, totaling 100 new hotels with 17,555 rooms by year-end.

LE’s new hotel openings forecast anticipates a steady increase in new hotel openings with 111 new hotels and 18,816 rooms forecast to open in 2025, and further rising in 2026 to 131 new hotels with 18,293 rooms forecast to open.

Tags:  Lodging Econometrics (LE)