Supply: STR reports 3,377 new rooms in Canada in ‘11
In 2011, 34 new properties comprising 3,377 rooms opened in Canada, according to data from the STR/McGraw Hill Construction Dodge Pipeline Report. This represents a 1.0-percent increase in new supply over last year. Among the Chain Scale segments, the Upper Midscale segment reported the most new rooms, opening 14 properties with 1,328, followed by the Upscale segment with six properties and 884 rooms.
Among the Chain Scale segments, the Upper Midscale segment reported the most new rooms, opening 14 properties with 1,328, followed by the Upscale segment with six properties and 884 rooms. The Economy segment reported the largest increase (135.8 percent) in new rooms, compared to 2010, with six properties opening with 408 rooms.
In 2012, there are 46 properties expected to open in Canada with 6,206 rooms. The Upper Midscale segment is expected to open the most rooms with 19 projects and 2,051 rooms, followed by the Unaffiliated segment (12 properties with 1,767 rooms) and the Upscale segment (eight properties with 1,369 rooms).
In December 2011, the Canadian hotel development pipeline comprised 187 projects totalling 20,957 rooms. This represents a 4.0-percent decrease in the number of rooms in the total active pipeline compared to December 2010.
About STR/McGraw Hill Construction Dodge Pipeline Report:
The Pipeline Report is co-produced by McGraw Hill Construction Dodge, and the dedicated pipeline team at STR. Available as an annual subscription or a local Market Supply Report, the Pipeline Report is a comprehensive look at new hotel development and existing supply in the U.S. and Canada.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
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