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 Q3 2024, according to GlobalData’s construction projects database.
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1. Uchisaiwaicho 1-Chome District Redevelopment
The project involves the construction of a mixed-use complex with a floor area of 1,100,000m2 comprising four towers on 6.5ha of land in Tokyo, Japan.
Construction work started in Q3 2024 and is expected to be completed in Q1 2038.
The project aims to provide better commercial and leisure facilities in the region. Buy the profile here.
2. Westin Cocoa Beach Resort Redevelopment
The project involves the construction of a six-story hotel comprising 502 rooms on a 6.4ha of land in Cocoa Beach, Florida, the US.
Construction work commenced in Q3 2024 and is expected to finish in Q2 2027.
The aim of the project is to become iconic and emblematic of the Space Coast’s revival as an economic hub and lifestyle destination. Buy the profile here.
3. Hilton Anaheim Hotel Renovation
The project involves the renovation of a hotel in Anaheim, California, the US.
Construction work started in Q3 2024 and is forecast to complete in Q3 2025.
4. Gramado Hard Rock Hotel
The project involves the construction of the Gramado Hard Rock Hotel on 1.43ha are in Rio Grande do Sul, Brazil.
Construction work commenced in Q3 2024 and is expected to be completed in Q4 2027.
The project aims to enhance tourism and stimulate economic growth within the region.
5. River Cree Resort and Casino Expansion
The project involves the expansion of a resort and casino in Enoch, Alberta, Canada.
Construction work started in Q3 2024 and is expected to be completed in Q4 2027.
For more details on the latest construction projects, buy the profiles here.
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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.
