Asia Pacific Hotel Construction Up 27% in July 2019
STR's hotel pipeline data for the Asia Pacific region shows 2,109 projects accounting for 470,650 rooms in construction as of July 2019.
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.
- Upscale: 123,692 rooms (+23.2%)
- Upper Midscale: 112,400 rooms (+47.6%)
- Upper Upscale: 102,043 rooms (+14.1%)
Five countries reported more than 20,000 rooms under construction. China led with 244,233 rooms, which represented 9.4% of the country's existing supply, followed by Japan (43,012 rooms, 6.3% of existing supply).
- China: 244,233 rooms (9.4%)
- Japan: 43,012 rooms (6.3%)
- Vietnam: 29,625 rooms (29.4%)
- Indonesia: 26,694 rooms (7.3%)
- India: 24,801 rooms (8.4%)
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. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.