An October report from hotels research company STR Global has revealed a 29.1% year-on-year growth in hotel rooms under contract, compared with the same period last year.
STR Global reported that there were 781 hotels under contract for the month in the region, equating to a total of 195,705 rooms.
For rooms currently under construction in the region, the increase in the same period stands at 43.1%, equating to 105,177 rooms in 407 hotels.
STA Global’s ‘under contract’ data reflects projects currently in construction, at the final planning and planning stages, but does not include unconfirmed projects.
The largest segment in both the under contract and in construction categories was accounted for by Upper Upscale developments, totalling 30.1% and 32.6% respectively.
The Economy segment accounted for the smallest portion of rooms under contract (0.4% with 839 rooms) and in construction (0.4% with 401 rooms).