In accordance with Lodging Econometrics’ (LE’s) Building Pipeline Development Report for Q1 2023, the resort building pipeline in Latin America, quarter-over-quarter, has elevated 2% by initiatives and three% by rooms. The Latin America resort building pipeline, on the shut of Q1 2023, stands at 546 initiatives/90,139 rooms, nonetheless, down barely 3% by initiatives and a pair of% by rooms year-over-year (YOY).
Of the 546 initiatives/90,193 rooms, 226 initiatives/40,034 rooms are beneath building all through Latin America. Tasks scheduled to start out building within the subsequent 12 months stand at 160 initiatives/25,887 rooms, up 8% by initiatives and 17% by rooms YOY. Early planning is up 11% by initiatives and 15% by rooms YOY to face at 160 initiatives/24,218 rooms on the shut of the primary quarter. New undertaking bulletins stand at 30 initiatives/5,330 rooms at Q1, up 5% by rooms YOY.
The highest international locations within the Latin America building pipeline, at Q1 2023, are Mexico with 210 initiatives/35,295 rooms, Brazil with 89 initiatives/15,456 rooms, the Dominican Republic with 28 initiatives/6,538 rooms, Peru with 27 initiatives/3,326 rooms, and Puerto Rico with 17 initiatives/2,658 rooms. Different international locations with 17 initiatives embody Costa Rica and Argentina, with 1,884 rooms and 1,832 rooms, respectively.
Cities in Latin America with the biggest building pipelines embody Mexico Metropolis, Mexico with 24 initiatives/2,899 rooms; Riviera Maya, Mexico with 17 initiatives/2,350 rooms; Lima, Peru with 15 initiatives/2,056 rooms; Sao Paulo, Brazil with 12 initiatives/2,848 rooms; and Georgetown, Guyana with 11 initiatives/1,408 rooms.
Marriott Worldwide leads resort franchise firms in Latin America’s building pipeline with 105 initiatives/17,344 rooms. Hilton Worldwide follows with 103 initiatives/14,198 rooms, then Accor with 73 initiatives/9,164 rooms. These three firms, mixed, are accountable for 51% of the initiatives and 45% of the rooms within the area’s complete building pipeline.
LE analysts report that the highest manufacturers for these resort firms on the Q1 shut are Accor’s midscale and economic system Ibis manufacturers with 48 initiatives/5,974 rooms, Hilton’s upscale Hilton Backyard Inn model with 24 initiatives/3,062 rooms, and Marriott’s upscale Courtyard by Marriott model with 13 initiatives/1,801 rooms.
Renovation initiatives elevated considerably in Latin America in the course of the first quarter, closing with 62 initiatives/11,716 rooms. Model conversions rose 22% by initiatives and 6% by rooms YOY, to face at 67 initiatives/9,464 rooms. Mixed, model conversions and renovation initiatives elevated 63% YOY, whereas rooms elevated 43% YOY, for a mixed complete of 129 initiatives/21,180 rooms on the Q1 shut.
On the finish of Q1 ’23, luxurious and higher upscale renovations and conversions accounted for 47 initiatives/8,741 rooms, or 36% of the renovation and conversion initiatives 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 initiatives and 29% by rooms.
Within the first quarter of 2023, Latin America had 13 new resorts, accounting for two,053 rooms, open all through the area. LE analysts forecast one other 83 new resort initiatives with 16,015 rooms to open thorough Q2 – This fall, for a complete of 96 new resort initiatives/18,068 rooms anticipated to open by year-end 2023. For 2024, LE forecasts 100 new resort initiatives/15,007 rooms to open in Latin America.
About Lodging Econometrics (LE)
For over 25 years, Lodging Econometrics (LE) has been the industry-leading supplier of world resort intelligence and decision-maker contact info. LE custom-builds enterprise improvement database packages for resort franchise firms trying to speed up their model development, resort possession and administration firms searching for to broaden their actual property portfolios, and lodging {industry} distributors wanting to extend their gross sales. To study extra about our enterprise improvement packages contact us: +1 603.431.8740, ext 0025 or [email protected]
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