STR: Middle East and Africa hotel construction down in January
STR’s January 2020 hotel pipeline data showed 419 projects accounting for 117,328 rooms in construction in the Middle East and 146 projects and 26,940 rooms in construction in Africa.
The Middle East total represented a 7.7% year-over-year decrease in the number of rooms in the final phase of the development pipeline. The region reported an additional 31,487 rooms in the final planning stage and 52,427 rooms in planning.
The Africa room construction total was down 0.7% year over year. Africa also showed 18,234 rooms in final planning and 22,546 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 49,559 rooms, which represented 27.5% of the market’s existing supply, followed by Saudi Arabia (40,218 rooms, 39.0% of existing supply).
1. United Arab Emirates: 49,559 rooms (27.5%)
2. Saudi Arabia: 40,218 rooms (39.0%)
3. Qatar: 14,113 rooms (50.7%)
4. Egypt: 5,710 rooms (3.4%)
5. Oman: 4,387 rooms (22.2%)
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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