STR: Caribbean/Mexico hotel construction up 33.9% in July
STR's hotel pipeline data for the Caribbean/Mexico region showed 155 projects accounting for 31,968 rooms in construction as of July 2019. This represented a 33.9% year-over-year jump 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, luxury projects represented the largest percentage increase (+72.4%) in activity year over year.
1. Luxury: 8,553 rooms (+72.4%)
2. Upscale: 7,075 rooms (+10.0%)
3. Upper Upscale: 6,136 rooms (-4.4%)
Four countries in the region reported more than 1,000 rooms under construction. Mexico led with 17,883 rooms, which represented 4.3% of the country's existing supply, followed by the Dominican Republic (6,184 rooms, 8.6% of existing supply).
1. Mexico: 17,883 rooms (4.3%)
2. Dominican Republic: 6,184 rooms (8.6%)
3. Jamaica: 1,925 rooms (7.5%)
4. Cuba: 1,100 rooms (1.7%)
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.