STR: Central/South America hotel construction up 6.1% in January
STR's hotel pipeline data for the Central/South America region showed 147 projects accounting for 20,198 rooms in construction as of the end of January 2020. This represented a 6.1% 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, midscale projects represented the largest percentage increase (+32.4%) in activity year over year.
1. Upper Upscale: 5,850 rooms
2. Upscale: 4,196 rooms
3. Midscale: 4,167 rooms
Four countries reported more than 1,000 rooms under construction. Brazil led with 8,998 rooms, which represented 3.2% of the country's existing supply, followed by Colombia (2,426 rooms, 3.3% of existing supply).
1. Brazil: 8,998 rooms (3.2%)
2. Colombia: 2,426 rooms (3.3%)
3. Chile: 1,849 rooms (4.8%)
4. Peru: 1,716 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.