STR: Asia Pacific hotel construction up 20.7% in October
LONDON—STR’s hotel pipeline data for the Asia Pacific region showed 2,039 projects accounting for 450,231 rooms in construction as of October 2019. This represented a 20.7% year-over-year increase in the number of rooms in the final phase of the development pipeline.
A majority of the region’s rooms in construction are in three segments. Of those three, upper midscale projects represented the largest percentage increase (+33.3%) in activity year over year.
1. Upscale: 115,636 rooms (+15.2%)
2. Upper Midscale: 107,795 rooms (+33.3%)
3. Upper Upscale: 98,523 rooms (+12.7%)
Five countries reported more than 20,000 rooms under construction. China led with 232,901 rooms, which represented 8.8% of the country’s existing supply, followed by Japan (36,532 rooms, 5.3% of existing supply).
1. China: 232,901 rooms (8.8%)
2. Japan: 36,532 rooms (5.3%)
3. Vietnam: 29,774 rooms (28.3%)
4. India: 24,892 rooms (8.3%)
5. Indonesia: 24,397 rooms (6.6%)
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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