Q3 2024 Market Insights
As expected, the rate of new additions to the completed and pipeline of developments in Q3 2024 showed an uptick compared to the previous quarter (49 in Q2 vs 94 in Q3), and we can expect the rate of signings to increase again when we look at the Q4 2024 data in our next GBR Q Report.
As with Q2 2024, Q3 maintains a total pipeline of projects (876) which exceeds the total number of existing projects (755). In Q3 2024, we have also seen 6 pipeline developments evolve into active (completed) projects, and a tremendous 88 new pipeline signings.
Regional analysis shows that, out of the 88 new signings in Q3 2024, most of them are concentrated in Europe (30%), followed by CALA (20%) and Asia Pacific (19%), North America (14%) and MENA (14%). Of the 30% from Europe, 19% is derived from projects in Georgia, with an additional 19% coming from projects in Spain. When it comes to CALA, 39% of the new projects come from Brazil and in Asia Pacific, 35% derive from India. MENA’s new signings are dominated by United Arab Emirates (58%).
Regarding development types, Co-located projects take the largest share of the Q3 development additions, at 47% of signings, followed by Standalone and Integrated developments standing at 38% and 15%, respectively. A slim majority of the new signings in Q3 are located in Resort settings (52%), with projects set in Urban locations representing 47% .
The Q3 2024 analysis shows 80% of all project additions being represented by hotel brands, with Marriott, Accor and Four Seasons remaining at the top of the hotelier sub-segment. Out of the 20% of additions that come from the non-hotel brands, more than 50% come from Pininfarina alone, consolidating the design brand’s 3rd place position in the non-hotel sub-segment.
