There are 3,443 projects totaling 412,878 rooms Under Contract in the United States, while the Caribbean/Mexico hotel development pipeline comprises 161 hotels totaling 27,378 rooms. Among The Middle East/Africa hotel key markets, Dubai, United Arab Emirates, reported the largest number of rooms under construction (10,969 rooms).
The Middle East/Africa hotel development pipeline comprises 626 hotels totalling 146,753 rooms, according to the December 2014 STR Global Construction Pipeline Report. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
Among the region’s key markets, Dubai, United Arab Emirates, reported the largest number of rooms under construction (10,969 rooms). Five other markets reported more than 2,000 rooms under construction: Doha, Qatar (6,576 rooms); Makkah, Saudi Arabia (5,936 rooms); Riyadh, Saudi Arabia (5,491 rooms); Abu Dhabi, United Arab Emirates (3,065 rooms); and Jeddah, Saudi Arabia (2,728 rooms).
Europe hotel pipeline for December 2014
The Europe hotel development pipeline comprises 883 hotels totalling 139,408 rooms. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
The region reported 56,413 rooms under construction during December.
Among the countries in the region, the United Kingdom reported the largest number of rooms under construction (10,577 rooms). Russia followed with 9,269 rooms under construction. Rounding out the top four countries for rooms under construction were Turkey (8,513 rooms) and Germany (5,585 rooms).
US hotel pipeline for December 2014
There are 3,443 projects totaling 412,878 rooms Under Contract in the United States. This represents a 14.3-percent increase in the number of rooms Under Contract compared with December 2013 and a 31.4-percent increase in rooms in the In Construction phase. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
Among the Top 25 markets, New York, New York, reported the most rooms Under Contract with 27,009 rooms. Others rounding out the top five markets for rooms Under Contract include: Houston, Texas (16,473 rooms); Las Vegas, Nevada (12,278 rooms); Washington, D.C. (11,623 rooms); and Dallas, Texas (10,028 rooms).
New York has the largest number of rooms under construction (13,200 rooms), followed by Houston, which has 5,134 rooms under construction. Three other markets reported more than 3,000 rooms under construction: Washington, D.C. (3,440 rooms); Miami-Hialeah, Florida (3,425 rooms); and Chicago, Illinois (3,102 rooms). Markets with more than 2,000 rooms under construction include: Los Angeles-Long Beach, California (2,777 rooms); Seattle, Washington (2,266 rooms); and San Diego, California (2,195 rooms).
“The continued tailwind of a recovering U.S. economy has supported strong (revenue-per-available-room) growth across the nation,” said Jan Freitag, senior VP of strategic development for STR, Inc. “As national and regional occupancy has increased, more developers are finding hotel real estate attractive again, and we are seeing a healthy and unabated increase in new development, mostly in the limited-service sectors.
“A few cities will feel the brunt of the construction, and it will be interesting to note how hoteliers will react in 2016 as these new hotels open,” Freitag added.
Caribbean/Mexico hotel pipeline for December
The Caribbean/Mexico hotel development pipeline comprises 161 hotels totaling 27,378 rooms. This represents a 9.9-percent increase in rooms Under Contract compared with December 2013 and a 3.0-percent increase in rooms In Construction. The total rooms Under Contract include rooms in the In Construction, Final Planning and Planning stages but do not include rooms in the Unconfirmed stage.
The region reported 11,116 rooms in 56 hotels under construction for the month.
Of the countries in the region, Mexico had the most rooms under construction during December (7,114 rooms in 41 hotels), followed by the Bahamas with 2,670 rooms in five hotels.
Central/South America pipeline for December 2014
The Central/South America hotel development pipeline comprises 416 hotels totalling 67,466 rooms. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
Among the countries in the region, Brazil reported the most number of hotel projects (275) and rooms (47,074) Under Contract. Four other countries reported at least 2,000 rooms Under Contract: Colombia (5,014 rooms in 32 hotels); Panama (2,809 rooms in 16 hotels); Chile (2,264 rooms in 16 hotels); and Argentina (2,235 rooms in 19 hotels).
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
