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STR Global: US, Central/South America, Caribbean/Mexico and EMEA hotel pipeline for March

There are 868 hotels totalling 139,057 rooms Under Contract in Europe, according to the March 2015 STR Global Construction Pipeline Report. This represents a 7.2-percent year-over-year decrease in rooms Under Contract compared with March 2014.
There are 3,566 projects totaling 433,589 rooms Under Contract in the United States, a 13.7-percent increase in the number of rooms Under Contract compared with March 2014.

There are 868 hotels totalling 139,057 rooms Under Contract in Europe, according to the March 2015 STR Global Construction Pipeline Report. This represents a 7.2-percent year-over-year decrease in rooms Under Contract compared with March 2014 and a 4.1-percent 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. The region reported 59,194 rooms in 364 hotels under construction for the month. Among the countries in the region, the United Kingdom reported the most rooms under construction with 11,542 rooms in 80 hotels. Three other countries reported more than 5,000 rooms under construction: Russia (9,735 rooms in 51 hotels); Turkey (8,970 rooms in 52 hotels); and Germany (6,183 rooms in 37 hotels).

MEA pipeline for March
There are 626 hotels totalling 147,680 rooms Under Contract in the Middle East/Africa region, according to the March 2015 STR Global Construction Pipeline Report. This represents a 7.6-percent year-over-year increase in rooms Under Contract compared with March 2014 and a 22.6-percent 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 77,924 rooms in 315 hotels under construction for the month. Among the region’s key markets, Dubai, United Arab Emirates, reported the largest number of rooms under construction with 14,385 rooms in 49 hotels. Three other markets reported more than 5,000 rooms under construction: Doha, Qatar (6,612 rooms in 24 hotels); Makkah, Saudi Arabia (5,936 rooms in 10 hotels); and Riyadh, Saudi Arabia (5,477 rooms in 21 hotels).

US hotel pipeline
There are 3,566 projects totaling 433,589 rooms Under Contract in the United States. This represents a 13.7-percent increase in the number of rooms Under Contract compared with March 2014 and a 22.7-percent 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 number of U.S. rooms under construction hit 126,171, which is an increase of almost 23 percent versus March 2014 but a decrease of about 2 percent from this past February,” said Bobby Bowers, STR’s senior VP for operations. “While Upscale and Upper Midscale brands continued their dominance of the construction numbers, Upper Upscale topped 14,000 rooms in construction—a 45-percent increase versus March 2014. That rise is another indication that the appetite for risk and return is increasing.”

Among the Top 25 Markets, New York, New York, reported the most rooms Under Contract with 29,928 rooms. Others rounding out the top five markets for rooms Under Contract include: Houston, Texas (17,458 rooms); Las Vegas, Nevada (12,484 rooms); Dallas, Texas (11,337 rooms); and Washington, D.C.-Maryland-Virginia (10,698 rooms). New York had the largest number of rooms under construction (13,368 rooms), followed by Houston with 6,173 rooms.

“New York’s in-construction number is almost 12 percent of its existing supply, and it accounts for roughly 10 percent of total U.S. construction,” Bowers said. “Houston is second, but a lot of new supply coupled with sliding oil prices is not the best combination.”

Three other markets reported more than 3,000 rooms under construction: Miami/Hialeah, Florida (4,026 rooms); Chicago, Illinois (3,572 rooms); and Washington, D.C. (3,435 rooms). Markets with more than 2,000 rooms under construction include: Los Angeles/Long Beach, California (2,820 rooms); Seattle, Washington (2,427 rooms); San Diego, California (2,276 rooms); and Dallas (2,243 rooms).

Central/South America pipeline for March 2015
There are 439 hotels totalling 69,820 rooms Under Contract in the Central/South America region. This represents a 9.5-percent year-over-year increase in rooms Under Contract compared with March 2014 and a 19.9-percent 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 29,187 rooms in 176 hotels under construction for the month. Among the countries in the region, Brazil reported the most rooms under construction with 17,342 in 98 hotels. Four other countries reported more than 1,000 rooms under construction: Colombia (3,615 rooms in 22 hotels); Argentina (1,237 rooms in nine hotels); Chile (1,188 rooms in eight hotels); and Panama (1,077 rooms in seven hotels).

Caribbean/Mexico hotel pipeline
There are 165 hotels totaling 29,233 rooms Under Contract in the Caribbean/Mexico region, according to the March 2015 STR Construction Pipeline Report. This represents a 9.7-percent increase in rooms Under Contract compared with March 2014 and a 9.0-percent 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. The region reported 10,148 rooms in 53 hotels under construction for the month. Among the countries in the region, Mexico reported the most rooms under construction with 6,291 rooms in 39 hotels. The Bahamas followed with 2,670 rooms in five hotels.

Vicky Karantzavelou
Co-Founder & Chief Editor - TravelDailyNews Media Network | Website

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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