Industry Update
Performance14 February 2020

STR: Caribbean/Mexico hotel construction up 26.9% in January

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Smith Travel Research

STR's hotel pipeline data for the Caribbean/Mexico region showed 152 projects accounting for 31,787 rooms in construction as of the end of January 2020. This represented a 26.9% 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 the upper-tier segments. Of the three, upscale projects represented the largest percentage increase (+70.1%) in activity year over year.

1. Upscale: 7,048 rooms
2. Luxury: 6,958 rooms
3. Upper Upscale: 6,606 rooms

Four countries in the region reported more than 1,000 rooms under construction. Mexico led with 16,699 rooms, which represented 4.0% of the country's existing supply, followed by the Dominican Republic (6,356 rooms, 8.4% of existing supply).

1. Mexico: 16,699 rooms (4.0%)
2. Dominican Republic: 6,356 rooms (8.4%)
3. Cuba: 1,616 rooms (2.5%)
4. Jamaica: 1,425 rooms (5.6%)

About STR

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.

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