The Backend of the Latin America Resort Building Pipeline grows and renovations and model conversions tick upward


In accordance with Lodging Econometrics’ (LE’s) Building Pipeline Development Report for Q1 2023, the resort development pipeline in Latin America,Latin America Hotel quarter-over-quarter, has elevated 2% by tasks and three% by rooms. The Latin America resort development pipeline, on the shut of Q1 2023, stands at 546 tasks/90,139 rooms, nevertheless, down barely 3% by tasks and a couple of% by rooms year-over-year (YOY). Of the 546 tasks/90,193 rooms, 226 tasks/40,034 rooms are beneath development all through Latin America. Tasks scheduled to begin development within the subsequent 12 months stand at 160 tasks/25,887 rooms, up 8% by tasks and 17% by rooms YOY. Early planning is up 11% by tasks and 15% by rooms YOY to face at 160 tasks/24,218 rooms on the shut of the primary quarter. New venture bulletins stand at 30 tasks/5,330 rooms at Q1, up 5% by rooms YOY. The highest international locations within the Latin America development pipeline, at Q1 2023, are Mexico with 210 tasks/35,295 rooms, Brazil with 89 tasks/15,456 rooms, the Dominican Republic with 28 tasks/6,538 rooms, Peru with 27 tasks/3,326 rooms, and Puerto Rico with 17 tasks/2,658 rooms. Different international locations with 17 tasks embody Costa Rica and Argentina, with 1,884 rooms and 1,832 rooms, respectively. Cities in Latin America with the biggest development pipelines embody Mexico Metropolis, Mexico with 24 tasks/2,899 rooms; Riviera Maya, Mexico with 17 tasks/2,350 rooms; Lima, Peru with 15 tasks/2,056 rooms; Sao Paulo, Brazil with 12 tasks/2,848 rooms; and Georgetown, Guyana with 11 tasks/1,408 rooms. Marriott Worldwide leads resort franchise corporations in Latin America’s development pipeline with 105 tasks/17,344 rooms. Hilton Worldwide follows with 103 tasks/14,198 rooms, then Accor with 73 tasks/9,164 rooms. These three corporations, mixed, are answerable for 51% of the tasks and 45% of the rooms within the area’s complete development pipeline. LE analysts report that the highest manufacturers for these resort corporations on the Q1 shut are Accor’s midscale and financial system Ibis manufacturers with 48 tasks/5,974 rooms, Hilton’s upscale Hilton Backyard Inn model with 24 tasks/3,062 rooms, and Marriott’s upscale Courtyard by Marriott model with 13 tasks/1,801 rooms. Renovation tasks elevated considerably in Latin America through the first quarter, closing with 62 tasks/11,716 rooms. Model conversions rose 22% by tasks and 6% by rooms YOY, to face at 67 tasks/9,464 rooms. Mixed, model conversions and renovation tasks elevated 63% YOY, whereas rooms elevated 43% YOY, for a mixed complete of 129 tasks/21,180 rooms on the Q1 shut. On the finish of Q1 ’23, luxurious and higher upscale renovations and conversions accounted for 47 tasks/8,741 rooms, or 36% of the renovation and conversion tasks and 41% of the renovation/conversion rooms within the area. On a share foundation YOY, the renovation and conversion exercise in these two chain scales, has elevated 56% by tasks and 29% by rooms. Within the first quarter of 2023, Latin America had 13 new accommodations, accounting for two,053 rooms, open all through the area. LE analysts forecast one other 83 new resort tasks with 16,015 rooms to open thorough Q2 – This fall, for a complete of 96 new resort tasks/18,068 rooms anticipated to open by year-end 2023. For 2024, LE forecasts 100 new resort tasks/15,007 rooms to open in Latin America.

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