STR: Caribbean/Mexico hotel construction up 16.8% in October
STR's hotel pipeline data for the Caribbean/Mexico region showed 151 projects accounting for 30,809 rooms in construction as of October 2019. This represented a 16.8% 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 (+10.6%) in activity year over year.
1. Luxury: 7,270 rooms (+10.6%)
2. Upscale: 7,221 rooms (+1.5%)
3. Upper Upscale: 6,341 rooms (+0.8%)
Four countries in the region reported more than 1,000 rooms under construction. Mexico led with 16,303 rooms, which represented 3.9% of the country's existing supply, followed by the Dominican Republic (5,738 rooms, 7.9% of existing supply).
1. Mexico: 16,303 rooms (3.9%)
2. Dominican Republic: 5,738 rooms (7.9%)
3. Jamaica: 1,925 rooms (7.7%)
4. Cuba: 1,128 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.