The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest hotel construction projects initiated globally in Q4 2024, according to GlobalData’s construction projects database.
Smarter leaders trust GlobalData
1. Residence Inn Hotel at Patriots Point
The project involves the construction of a five-story, 7,618m2 hotel with 100 rooms in Mount Pleasant, South Carolina, the US.
Construction work started in Q4 2024 and is expected to be completed in Q4 2026.
2. Penang Gateway Mixed-Use Development
The project involves the construction of mixed-use development in Penang, Malaysia.
Construction work commenced in Q4 2024 and is expected to finish in Q4 2027.
The project aims to better hospitality, residential and commercial facilities in the region. Buy the profile here.
3. Metropole Hotel Renovations
The project involves the renovation of metropole hotel Brussels in Brussels, Brussels Capital Region, Belgium.
Construction work started in Q4 2024 and is forecast to complete in Q4 2025.
4. Hyatt Place Sonoma Wine Country
The project involves the construction of a six-story hotel comprising 165 rooms on 1.69ha of land in Sonoma, California, the US
Construction work commenced in Q4 2024 and is expected to be completed in Q4 2026.
5. Hard Rock Hotel at Lake Texoma
The project involves the construction of an 189-room hotel in Texhoma, Oklahoma, the US.
Construction work started in Q4 2024 and is expected to be completed in Q3 2027.
The project will be part of the Pointe Vista master-planned community. It aims to build a hotel to enhance hospitality facilities for the Pointe Vista mixed-use development.
For more details on the latest construction projects, buy the profiles here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
