Each of the four world regions experienced a year on year decrease in hotel construction activity in March, according to hotel industry market data company STR.
According to a statement published on STR.com, the hotel construction activity statistics for each of the four world regions in March of this year, with percentage changes compared to March of last year, are as follows:
- In construction: 184,851 rooms (-18.2%)
- Final planning: 133,580 rooms (-15.9%)
- Planning: 156,095 rooms (-5.4%)
- Total under contract: 474,526 (-13.7%)
Germany (34,030) and the UK (29,160) lead Europe in total rooms in construction.
- In construction: 476,993 rooms (-0.8%)
- Final planning: 105,435 rooms (-29.6%)
- Planning: 322,507 (+1.9%)
- Total under contract: 904,935 rooms (-4.4%)
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China has the most rooms in construction in this region (299,458), followed by Vietnam (36,358).
Middle East & Africa
- In construction: 119,505 rooms (-5.8%)
- Final planning: 45,529 rooms (+20.4%)
- Planning: 84,116 rooms (+21.2%)
- Total under contract: 249,150 (+6.4%)
Saudi Arabia (42,033) and the United Arab Emirates (22,324) lead in construction activity in this region.
- In construction: 197,844 rooms (-4.5%)
- Final planning: 277,598 rooms (+32.2%)
- Planning: 278,383 rooms (-19.6%)
- Total under contract: 753,825 (-1.2%)
The US holds the majority of rooms in construction in this region, followed by Mexico (10,803), Canada (5,899) and Brazil (5,549) show the highest number of rooms in construction.
Baird/STR Hotel Stock Index Decreased In March, Notes STR
The above news follows news that the Baird/STR Hotel Stock Index decreased by 3.4% in March - to a level of 5,355 - according to a statement published on the website of hotel industry market data company STR.
Read More: Baird/STR Hotel Stock Index Decreased In March, Notes STR
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