Europe, Middle East, Africa: Q3 2008 Pipeline | Lodging Econometrics
At the end of Q3 2008, Europe, Middle East and Africa’s (EMEA) Total Construction Pipeline stood at 1,656 projects/358,067 rooms. • Total project counts are down 6% from the likely cyclical peak in Q2 2008, with total rooms down 4%. The Total Pipeline will continue to trend downward as New Hotel Openings come online at an accelerated pace in ‘09 and ‘10. New Project Announcements into the Pipeline are expected to taper off.
- At the end of Q3 2008, Europe, Middle East and Africa’s (EMEA) Total Construction Pipeline stood at 1,656 projects/358,067 rooms.
- Total project counts are down 6% from the likely cyclical peak in Q2 2008, with total rooms down 4%. The Total Pipeline will continue to trend downward as New Hotel Openings come online at an accelerated pace in ‘09 and ‘10. New Project Announcements into the Pipeline are expected to taper off.
- In EMEA, 53% of Total Pipeline projects are already Under Construction due to the rush to get projects started in late ‘07-early ‘08 before the economy softened further.
- In the Middle East, Dubai leads with 36% of the regional Pipeline at 155 projects/57,390 rooms. Abu Dhabi follows with 79 projects/ 24,335 rooms. The United Kingdom accounts for 25% of the European Pipeline with 277 projects/41,806 rooms. Spain follows with 150 projects/23,943 rooms. At 25%, Morocco accounts for the largest share of the African Pipeline with 43 projects/8,730 rooms. South Africa follows with 31 projects/5,145 rooms.