Among Europe’s key markets, Istanbul, Turkey, reported the most rooms under construction with 4,584 rooms in 23 hotels. The US Top 25 Markets reported 63,670 rooms In Construction for the month-just under half of total U.S. construction activity (129,155 rooms).
LONDON – There are 804 hotels totalling 131,389 rooms Under Contract in Europe, according to the July 2015 STR Global Construction Pipeline Report. This represents a 9.5% decrease in rooms Under Contract compared with July 2014 and a 9.4% year-over-year decrease in rooms under construction. 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, Istanbul, Turkey, reported the most rooms under construction with 4,584 rooms in 23 hotels. Three other markets reported more than 2,000 rooms under construction: Greater London, England (3,759 rooms in 22 hotels); Moscow, Russia (3,071 rooms in 13 hotels); and Greater Amsterdam, Netherlands (2,346 rooms in eight hotels).
US hotel pipeline
There are 3,597 projects totaling 430,917 rooms Under Contract in the United States. This represents an 11.0% increase in the number of rooms Under Contract compared with July 2014 and a 19.0% year-over-year increase in rooms under construction. 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 Top 25 Markets reported 63,670 rooms In Construction for the month—just under half of total U.S. construction activity (129,155 rooms).
Among those Top 25 Markets, New York, New York, reported the most rooms Under Contract with 31,191 rooms. Two additional markets reported more than 10,000 rooms Under Contract for the month: Houston, Texas (18,573 rooms), and Dallas, Texas (12,285 rooms).
New York also had the largest number of rooms under construction with 14,376 rooms. Houston followed with 6,970 rooms In Construction.
Three other markets reported more than 3,000 rooms under construction: Las Vegas, Nevada (3,929 rooms); Los Angeles/Long Beach, California (3,494 rooms); and Miami/Hialeah, Florida (3,314 rooms).
“Twenty-one of the Top 25 Markets experienced higher room construction numbers when compared to July 2014,” said Bobby Bowers, STR’s senior VP of operations. “Room construction in five of those markets—New York, Houston, Las Vegas, Los Angeles/Long Beach and Miami-accounted for nearly one-quarter of all U.S. construction activity.”
Central/South America hotel pipeline
There are 431 hotels totalling 67,920 rooms Under Contract in the Central/South America region. This represents a 7.9% increase in rooms Under Contract compared with July 2014 and a 25.1% year-over-year increase in rooms under construction. 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 30,629 rooms in 188 hotels under construction for the month.
Among the Chain Scale segments, four segments each accounted for more than 15.0% of rooms Under Contract: Upscale (20.9% with 14,195 rooms); Upper Midscale (20.3% with 13,764 rooms); Midscale (19.5% with 13,269 rooms); and Upper Upscale (17.9% with 12,191 rooms).
Three segments accounted for more than 15.0% of rooms In Construction: Upscale (26.2% with 8,022 rooms); Midscale (18.4% with 5,646 rooms); and Upper Midscale (17.5% with 5,363 rooms).
The Unaffiliated segment accounted for the smallest portion of rooms Under Contract (5.1% with 3,436 rooms) and In Construction (6.0% with 1,853 rooms).
Caribbean/Mexico hotel pipeline
There are 167 hotels totaling 29,113 rooms Under Contract in the Caribbean/Mexico region. This represents a 3.5% increase in rooms Under Contract compared with July 2014 and a 4.5% year-over-year increase in rooms under construction. 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 13,373 rooms in 70 hotels under construction for the month.
Among the Chain Scale segments, four segments each accounted for 15.0% or more of rooms Under Contract: Upscale (24.1% with 7,018 rooms); Luxury (20.2% with 5,889 rooms); Upper Midscale (17.1% with 4,990 rooms); and Upper Upscale (16.1% with 4,675 rooms).
The Luxury segment accounted for the largest portion of rooms In Construction at 33.5% (4,478 rooms). Three other segments each accounted for more than 15.0% of rooms In Construction: Upscale (19.1% with 2,552 rooms); Upper Midscale (16.6% with 2,220 rooms) and Unaffiliated (16.3% with 2,178 rooms).
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.
