According to STR’s October 2016 Pipeline Report, the number of hotel rooms either Under Contract or in the In Construction stage is up year over year in most regions of the world.
In the US, 554,226 rooms in 4,561 projects are Under Contract. The total represents a 21.8 percent increase over October 2015. In the In Construction stage, the US reported 183,371 rooms in 1,403 projects, a 32.4 percent increase in year-over-year comparisons.
In the Asia Pacific region the report shows 595,213 rooms in 2,654 projects Under Contract. The total represents a 5.4 percent increase in rooms Under Contract. The region reported 252,195 rooms in 1,089 projects In Construction for the month, which is a 2.0 percent decrease in year-over-year comparisons.
Among the region’s key markets, Shanghai, China, reported the largest number of rooms In Construction with 8,762 rooms in 37 hotels. Three additional markets each reported more than 5,000 rooms In Construction: Chengdu, China, Jakarta, and Bali, Indonesia.
In Europe 153,206 rooms in 1,007 projects are Under Contract, a 14.9 percent rise in the category. Europe reported 66,787 rooms in 442 projects In Construction for the month, up 21.6 percent. Europe’s largest hotel market, Greater London, reported the most rooms In Construction while three other key markets reported more than 2,000 rooms In Construction: Moscow, Istanbul and Greater Berlin.
Rooms Under Contract in the Middle East includes 158,714 rooms in 554 projects, an 11.7 percent increase, while in Africa, the report shows 57,740 rooms in 310 projects Under Contract, a 7.8 percent increase. In the In Construction phase, the Middle East reported 84,477 rooms in 260 hotels, a 9.1 percent increase, and Africa reported 30,032 rooms in 164 hotels, an 8.3 percent increase.