STR: Asia Pacific hotel construction up 14.1% in January
STR's hotel pipeline data for the Asia Pacific region showed 2,021 projects accounting for 441,819 rooms in construction as of the end of January 2020. This represented a 14.1% year-over-year increase 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, upper midscale projects represented the largest percentage increase (+24.2%) in activity year over year.
1. Upscale: 110,855 rooms
2. Upper Midscale: 103,447 rooms
3. Upper Upscale: 99,148 rooms
Six countries reported more than 20,000 rooms under construction. China led with 224,579 rooms, which represented 8.1% of the country's existing supply, followed by Japan (35,622 rooms, 5.0% of existing supply).
1. China: 224,579 rooms (8.1%)
2. Japan: 35,622 rooms (5.0%)
3. Vietnam: 31,727 rooms (29.6%)
4. India: 24,752 rooms (8.1%)
5. Indonesia: 22,292 rooms (6.0%)
6. Malaysia: 20,410 rooms (12.3%)
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.