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STR Reports Asia Pacific, Canada, Caribbean/Mexico and U.S. Hotel Pipelines for September 2014

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According to the September 2014 STR Global Construction Pipeline Report, the Asia Pacific region reported 2,365 hotels comprising 533,555 rooms under contract.

Among the countries in the region, Bangladesh, reported the largest expected room supply growth (+254.1%) if all 4,271 rooms under contract open.

 Five other countries reported more than 30.0% expected room growth: Myanmar (+89.7% with 5,682 rooms); Mongolia (75.6% with 952 rooms); Sri Lanka (+47.5% with 5,201 rooms); Philippines (+31.9% with 14,285 rooms); and Indonesia (+31.1% with 60,666 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.

Caribbean/Mexico

The Caribbean/Mexico hotel development pipeline comprises 170 hotels totaling 29,572 rooms.

 This represents a 23.5% increase in rooms under contract compared with September 2013 and a 31.0% increase in rooms in construction.

Among the Chain Scale segments, the Upscale segment accounted for the largest portion of rooms Under Contract (24.4%) with 7,213 rooms. Three other segments each accounted for more than 15.0% of rooms Under Contract: the Luxury segment (20.9% with 6,189 rooms); the Upper Midscale segment (19.2% with 5,962 rooms); and the Unaffiliated segment (18.5% with 5,474 rooms).

Three segments each made up more than 20.0% of rooms in the In Construction phase: the Luxury segment (26.8% with 3,803 rooms); the Unaffiliated segment (22.8% with 3,232 rooms); and the Upscale segment (22.1% with 3,133 rooms).

 Canada

Canadas hotel development pipeline comprises 211 projects totaling 23,370 rooms, which represents a 1.5% decrease in the number of rooms under contract when compared with September 2013.

Among the Chain Scale segments, the Midscale segment reported the largest increase in rooms Under Contract, rising 30.8% to 1,092 rooms, followed by the Upper Midscale segment with a 22.4% increase to 7,748 rooms. The Luxury segment (-63.0% to 147 rooms) and the Unaffiliated segment (-26.9% to 5,125 rooms) reported the largest decreases in rooms Under Contract.

Three segments reported increases in rooms In Construction of more than 25.0%: the Economy segment (+104.1% to 345 rooms); the Upper Midscale segment (+60.0% to 3,789 rooms); and the Upper Upscale segment (+25.5% to 1,418 rooms). The Midscale segment (-37.5% to 100 rooms) and the Unaffiliated segment (-29.2% to 422 rooms) recorded the largest decreases in rooms In Construction.

U.S.A.

There are 3,291 hotels totaling 395,078 rooms Under Contract in the United States, which represents a 14.3% increase in the number of rooms Under Contract compared with September 2013 and a 34.5% increase in rooms under construction.

Rooms under construction in STRs top 26 markets topped 45,000 in September, said Bobby Bowers, senior VP of operations at STR. The top markets accounted for 41% of total U.S. construction, down from 45% at the same time last year, indicating increased development activity in secondary markets. The New York market was the runaway leader with 13,605 rooms under constructionover 12% of the U.S. total. Houston and Washington, D.C., round out the top three markets, which together account for about one of every five U.S. hotel rooms under construction.

Among the Top 26 Markets, New York, New York, reported the most rooms under construction in September with 13,605 rooms, a 5.3% increase over September 2013. Four other markets reported more than 2,500 rooms under construction in September: Houston, Texas (4,504 rooms, up 143.6%); Washington, D.C. (3,036 rooms, up 5.9%); Chicago, Illinois (2,786 rooms, up 86.7%); and Miami-Hialeah, Florida (2,652 rooms, up 84.9%).

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