Q4 2024 Market Insights
The rate of new additions to the completed and pipeline of developments in Q4 2024 showed a less incremental gain when compared to the previous quarter (94 in Q3 vs 69 in Q4).
In Q4 the total number of projects hit 1,700, comprising of a total pipeline of 912 and 788 completed projects. In Q4 2024, there have been 68 new pipeline signings, a change of 8% in comparison to the previous quarter. As some projects were only shared and included in our analysis upon completion, or were referenced in previous quarters, the conversion rate from pipeline to completed projects appears low, with only one finalised in Q4 2024. Over the quarter, new brands entered the market, including Natuzzi, Barneys, Riva, and Jean-Georges.
An analysis of regional trends reveals that, out of 68 new signings in Q4 2024, the majority were led by CALA, accounting for 26% – a pattern consistent with Q3’s regional distribution. MENA, North America, and Europe each contributed a similar share of c.20%, while Asia Pacific accounted for just 12% of the new project additions. Notably, Africa recorded no new signings in Q4. Of the 26% from CALA, 56% is driven by projects in Mexico and 11% by Jamaica. MENA Q4 2024 growth is led by the UAE (64% of regional signings), while in North America and Europe, growth is led by the US (93%) and Turkey (29%), respectively. New signings in Asia Pacific are equally driven by Vietnam and the Philippines, each contributing 25% to the region’s growth.
Co-located and Standalone projects each accounted for 39% of Q4’s new signings, while Integrated developments made up 22%. As in Q3, most new signings were in Resort settings (43%), followed closely by Urban (37%) and Urban-Resort locations (20%). The Q4 2024 analysis shows that 74% of all new projects were driven by hotel brands, with Marriott, Accor, and Four Seasons once again leading the hotel sub-segment. Of the remaining 26% attributed to non-hotel brands, approximately 28% were contributed by fashion brands such as The Armani Group, followed by Entertainment and Design brand categories, each accounting for 17%.
