Lodging Econometrics' (LE) Q3 2024 Latin America Construction Pipeline Trend report signals development for the area's hospitality market. The pipeline presently stands at 642 jobs and 104,513 spaces, representing robust year-over-year (YoY) boosts of 11% in task count and 10% in space count.
Digging much deeper into the pipeline information, LE's report highlights a number of favorable indications. At the close of Q3 2024, Latin America had 269 jobs with 47,151 spaces under building, showing a 10% YoY increase in both metrics. Furthermore, the variety of tasks set up to begin building and construction within the next 12 months grew to 183 tasks and 30,184 spaces, up 7% by task count and 9% by space count YoY. Even the early preparation pipeline broadened, increasing 17% YoY to 190 jobs and 11% YoY to 27,178 spaces.
The report likewise supplies insights into the local hotel pipeline by chain scale sector. The upscale (134 projects/18,592 spaces), high-end (121 projects/24,924 spaces, and upper upscale (104 projects/21,300 spaces) chain scales emerged with the biggest pipelines. Geographically, Mexico (229 projects/35,975 spaces) and Brazil (103 projects/15,731 spaces) represented a considerable 52% of the overall task count and 50% of the space count. The Dominican Republic followed with an all-time high of 59 projects/14,407 spaces, then Colombia with 27 projects/3,671 spaces.
The cities with the biggest pipelines consisted of Mexico City (23 projects/2,761 spaces), Georgetown (13 projects/1,800 spaces), Sao Paulo (12 projects/2,559 spaces), Lima (12 projects/1,914 spaces), and Riviera Maya (12 projects/1,421 spaces).
Throughout Q3 2024, the Latin American pipeline experienced 50 brand-new task statements amounting to 9,775 spaces, while 27 tasks started building and construction. Taking a look at finished jobs, the area saw 49 brand-new hotel openings consisting of 9,688 spaces through the 3rd quarter. LE anticipates an extra 42 brand-new hotels with 5,661 spaces to open in Q4 2024, bringing the overall for the year to 91 brand-new hotels and 15,349 spaces.
Looking ahead, LE's forecasts indicate a continual development trajectory, with 108 brand-new hotels and 19,551 spaces anticipate to open in 2025, followed by an additional boost to 138 brand-new hotels and 19,513 spaces in 2026.
Hannah Paoletti
Media Relations Manager
+1 603 427 9556
Lodging Econometrics
