STR: Middle East, Africa hotel construction down in October
LONDON—STR’s October 2019 hotel pipeline data showed 434 projects accounting for 119,991 rooms in construction in the Middle East and 135 projects and 24,939 rooms in construction in Africa.
The Middle East total represented a 5.7% year-over-year decrease in the number of rooms in the final phase of the development pipeline. The region reported an additional 28,541 rooms in the final planning stage and 45,273 rooms in planning.
The Africa room construction total was down 4.0% year over year. Africa also showed 18,807 rooms in final planning and 22,629 rooms in planning.
Between the Middle East and Africa, five countries showed more than 4,000 rooms under construction. The United Arab Emirates led with 52,810 rooms, which represented 30.1% of the market’s existing supply, followed by Saudi Arabia (38,912 rooms, 38.3% of existing supply).
United Arab Emirates: 52,810 rooms (30.1%)
Saudi Arabia: 38,912 rooms (38.3%)
Qatar: 14,318 rooms (52.9%)
Oman: 5,049 rooms (26.6%)
Egypt: 4,976 rooms (2.9%)
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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