STR: Central/South America hotel construction down 9.0% in October
STR's hotel pipeline data for the Central/South America region showed 151 projects accounting for 20,368 rooms in construction as of October 2019. This represented a 9.0% 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 (+14.9%) in activity year over year.
1. Midscale: 5,175 rooms (+14.9%)
2. Upper Upscale: 4,527 rooms (-20.0%)
3. Upscale: 4,387 rooms (-21.2%)
Four countries reported more than 1,000 rooms under construction. Brazil led with 8,101 rooms, which represented 2.9% of the country's existing supply, followed by Colombia (3,052 rooms, 4.2% of existing supply).
1. Brazil: 8,101 rooms (2.9%)
2. Colombia: 3,052 rooms (4.2%)
3. Chile: 2,016 rooms (5.3%)
4. Peru: 1,688 rooms (5.9%)
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.