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By the end of 2023, China's planned and under construction hotels will end with a record number of projects and rooms

Date: 2024-02-21

According to the latest trend report on Chinese planning and under construction hotels released by Lodging Econometrics (LE), a US hotel development data provider, the number of planned and under construction hotel projects in China reached a new historical high for the second consecutive quarter in the fourth quarter of 2023. Compared with the same period last year, the number of projects increased by 6% and the number of rooms increased by 2%. The total number of planned and under construction hotel projects for the year reached 3788, with a total of 691772 rooms.

The currently under construction projects include 2644 projects/473921 rooms, an increase of 1% compared to the same period last year. The annual growth rate of the projects planned to start construction within the next 12 months is 4%, with a total of 420 projects/74067 rooms. It is worth noting that projects in the early planning stage experienced significant growth, reaching a record number in the fourth quarter. The annual growth rate of projects in this stage is 30%, and the annual growth rate of rooms is 16%. At the end of the quarter, it reached 724 projects/143784 rooms. The region has also witnessed significant growth in New Project Announcements (NPAs), with an annual growth rate of 77%, and 308 new projects/47885 rooms added by the end of the fourth quarter. These statistical data collectively reflect the vitality and expansion of the hotel construction field in China.

In the fourth quarter of 2023, high-end and mid to high end hotel projects dominated China's planning and ongoing projects, accounting for over 50% of the total number of projects and rooms, both reaching unprecedented heights. The high-end projects increased by 13% year-on-year, and the number of rooms increased by 7% year-on-year, reaching 879 projects/202831 rooms. Similarly, the mid to high end segment has maintained its importance, with 1253 projects/97122 rooms, a year-on-year increase of 12% in the number of projects and 7% in the number of rooms.

Chengdu leads China's planned and under construction hotel projects with 148 projects/29575 rooms. Next is Shanghai, with 121 projects/23148 rooms; Next is Guangzhou, with 110 projects/22938 rooms; Then there is Hangzhou, with 96 projects/19945 rooms; Xi'an has 88 projects/15565 rooms.

In 2023, China opened 683 new hotels/106463 rooms. Looking ahead, LE analysts predict that the opening of new hotels will continue to grow, mainly driven by the early planning phase of new projects. LE predicts that 871 new hotels/140116 rooms will open in 2024, and 955 new hotels/161162 rooms will open in 2025.