Record number of hotels under construction in the Asia Pacific region
STR published the news in their November 2015 STR Global Construction Pipeline Report. This represents a 3.1% increase in rooms Under Contract compared with November 2014, but a 4.0% 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.
The region reported 256,565 rooms in 1,030 hotels under construction for the month.
Among the region’s key markets, Shanghai, China, reported the largest number of rooms under construction with 8,620 rooms. Three additional markets each reported more than 5,000 rooms under construction: Chengdu, China (6,820 rooms); Jakarta, Indonesia (5,669 rooms); and Bali, Indonesia (5,303 rooms)
The figures show that the Asia Pacific region currently has the highest number of hotels under construction in the world. Following is Europe with 839 hotels totaling 137,976 rooms. There are 501 hotels totalling 144,321 rooms under contract in the Middle East and 285 hotels totaling 53,093 rooms under contract in Africa. Lastly, there are 427 hotels totaling 67,530 rooms under contract in the Central/South America region, according to the November 2015 STR Global Construction Pipeline Report.
STR Global provides clients—including hotel operators, developers, financiers, analysts and suppliers to the hotel industry—access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America.