STR: Central/South America hotel construction down 7.1% in July
STR's hotel pipeline data for the Central/South America region showed 160 projects accounting for 21,937 rooms in construction as of July 2019. This represented a 7.1% year-over-year decrease in the number of rooms in the final phase of the development pipeline.
A majority of the region's rooms in construction are in three segments. Of those three, midscale projects represented the only percentage increase (+29.5%) in activity year over year.
1. Midscale: 5,184 rooms (+25.6%)
2. Upper Upscale: 4,853 rooms (-21.1%)
3. Upscale: 4,781 rooms (-14.7%)
Four countries reported more than 1,000 rooms under construction. Brazil led with 9,192 rooms, which represented 3.4% of the country's existing supply, followed by Colombia (3,104 rooms, 4.3% of existing supply).
1. Brazil: 9,192 rooms (3.4%)
2. Colombia: 3,104 rooms (4.3%)
3. Chile: 2,405 rooms (6.3%)
4. Peru: 1,937 rooms (6.9%)
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.