STR Global: EMEA, US, Caribbean/Mexico and Central/South America hotel pipeline for November 2015

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There are 839 hotels totalling 137,976 rooms Under Contract in Europe, according to the November 2015 STR Global Construction Pipeline Report. This represents a 2.5% decrease in rooms Under Contract compared with November 2014 but a 2.0% year-over-year increase in rooms under construction. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.

The region reported 55,623 rooms in 340 hotels under construction for the month.

Among the Chain Scale segments, the Upper Midscale segment accounted for the largest portion of rooms in Under Contract (23.6% with 32,584 rooms). Three other segments each accounted for more than 15.0% of rooms in Under Contract: the Upscale segment (23.1% with 31,857 rooms); the Upper Upscale segment (15.2% with 20,960 rooms); and the Unaffiliated segment (15.1% with 20,768 rooms).

The Upscale segment made up the largest portion of rooms under construction (27.2% with 15,123 rooms), followed by the Upper Upscale segment (20.8% with 11,573 rooms) and the Upper Midscale segment (18.6% with 10,331 rooms).

Middle East and Africa hotel pipeline
There are 501 hotels totalling 144,321 rooms Under Contract in the Middle East and 285 hotels totalling 53,093 rooms Under Contract in Africa. Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.

The Under Contract total in the Middle East subcontinent represents a 30.1% increase in rooms Under Contract compared with November 2014 and a 57.0% year-over-year increase in rooms under construction. The Middle East reported 82,446 rooms in 253 hotels under construction for the month.

The Under Contract total in the Northern Africa and Southern Africa subcontinents represents a 30.2% increase in rooms Under Contract compared with November 2014 and a 34.1% year-over-year increase in rooms under construction. Africa reported 27,095 rooms in 151 hotels under construction for the month.

Among the countries in the Middle East and Africa, Saudi Arabia reported the most rooms under construction with 34,415 rooms in 72 hotels. United Arab Emirates followed with 27,458 rooms in 94 hotels. Four other countries each reported more than 3,000 rooms In Construction: Qatar (6,976 rooms in 29 hotels), Egypt (3,934 rooms in 13 hotels), Morocco (3,143 rooms in 17 hotels) and Jordan (3,055 rooms in nine hotels).

US hotel pipeline for November 2015
There are 3,803 projects totaling 457,606 rooms Under Contract in the United States. This represents a 10.7% increase in the number of rooms Under Contract compared with November 2014 and a 20.6% year-over-year increase in rooms under construction. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.

“Almost 49% of November construction activity resided in the Top 26 Markets, and 20 of those markets experienced construction growth when compared with November 2014,” said Bobby Bowers, STR’s senior VP of operations.

New York, New York, reported the most rooms Under Contract with 31,482 rooms. Four additional markets each reported more than 10,000 rooms Under Contract for the month: Houston, Texas (17,764 rooms); Dallas, Texas (13,729 rooms); Miami/Hialeah, Florida (11,763 rooms); and Washington, D.C.-Maryland-Virginia (10,788 rooms).

New York also had the largest number of rooms under construction with 13,583 rooms. Houston followed with 6,169 rooms In Construction.

“The New York market accounted for just about 10% of total U.S. construction activity and reported more than twice as many rooms In Construction as the next closest market,” Bowers said. “Houston’s pipeline represents roughly 8% of that market’s existing supply base. The pending new supply combined with reduced demand influenced by low oil prices will likely extend the near-term headwinds in Houston.”

Five other markets each reported more than 3,000 rooms under construction: Dallas (4,361 rooms); Los Angeles/Long Beach, California (4,240 rooms); Washington, D.C. (3,949 rooms); Las Vegas, Nevada (3,905 rooms); and Miami/Hialeah (3,430 rooms).

Three markets each reported less than 500 rooms under construction: St. Louis, Missouri-Illinois (407 rooms); Norfolk/Virginia Beach, Virginia (300 rooms); and Oahu Island, Hawaii (175 rooms).

Bowers also noted that San Francisco/San Mateo, California, ranks 22nd among the Top 26 Markets in rooms In Construction.

“The lack of meaningful new supply growth should help extend the San Francisco’s stellar performance streak,” Bowers said.

Caribbean/Mexico hotel pipeline
There are 164 hotels totaling 27,970 rooms Under Contract in the Caribbean/Mexico region. This represents a 4.4% decrease in rooms Under Contract compared with November 2014 and a 10.5% year-over-year decrease in rooms under construction. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.

The region reported 11,994 rooms in 68 hotels under construction for the month.

Among the region’s key markets, Central Mexico (3,875 rooms) reported the largest number of rooms under construction, followed by Yucatan Peninsula, Mexico (1,611 rooms) and Northwest Mexico (1,256 rooms).

Central/South America hotel pipeline
There are 427 hotels totalling 67,530 rooms Under Contract in the Central/South America region. This represents a 4.7% decrease in rooms Under Contract compared with November 2014 but a 20.7% year-over-year increase in rooms under construction. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.

The region reported 31,391 rooms in 190 hotels under construction for the month.

Among the region’s key markets, Rio de Janeiro, Brazil, reported the largest number of rooms under construction with 3,800 rooms. Sao Paulo, Brazil (1,561 rooms), and Panama City, Panama (1,076 rooms), were the only other markets to each end the month with more than 1,000 rooms under construction.

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