STR: Asia Pacific hotel construction up 23.3% in April
STR’s pipeline data for the Asia Pacific region showed 1,892 hotel projects accounting for 423,343 rooms in construction as of April 2019. This represented a 23.3% 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 (+41.9%) in activity year over year.
1. Upscale: 109,689 rooms (+12.3%)
2. Upper Midscale: 99,013 rooms (+41.9%)
3. Upper Upscale: 95,915 rooms (+17.6%)
Five countries reported more than 20,000 rooms under construction. China led with 225,170 rooms, which represented 8.8% of the country’s existing supply, followed by Japan (39,864 rooms, 6.1% of existing supply).
1. China: 225,170 rooms (8.8%)
2. Japan: 39,864 rooms (6.1%)
3. Indonesia: 26,431 rooms (7.3%)
4. Vietnam: 24,831 rooms (25.6%)
5. India: 21,068 rooms (7.4%)
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. For more information, please visit str.com.
Source = STR