7.3% rise in rooms under contract for Asia Pacific
A new STR Global Construction Pipeline Report has revealed that there are now 2,403 hotels totalling 553,895 rooms Under Contract in the Asia Pacific region.
According to the group’s statement, this represents a 7.3-percent increase in rooms Under Contract for April 2015 compared with April 2014, and a 1.7-percent 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 252,317 rooms in 1,021 hotels under construction for the month.
Among the Chain Scale segments, the Upscale segment accounted for the largest portion of rooms Under Contract, 29.8 percent with 165,102 rooms. Two other segments each made up more than 15.0 percent of rooms Under Contract: Upper Upscale (24.9 percent with 137,926 rooms) and Luxury (15.3 percent with 84,703 rooms).
The Upscale segment accounted for the largest portion of rooms In Construction (30.1 percent with 75,971 rooms), followed by the Upper Upscale segment (26.9 percent with 67,826 rooms).
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