MIDDLE EAST SEES 15.6% INCREASE IN HOTEL ROOM CONSTRUCTION.
The Middle East reported a 15.6% year-over-year increase in rooms in construction in June, with STR’s June 2017 Pipeline Report shows 160,120 rooms in 583 hotel projects under contract in the Middle East.
Under contract data includes projects in the ‘in construction’, ‘final planning’ and ‘planning’ stages but does not include projects in the unconfirmed stage.
The rooms under contract in the Middle East show a 3.6% increase compared with June 2016. The Middle East reported 94,748 rooms in 300 projects in construction, and based on number of rooms, that shows a 15.6% increase in year-over-year comparisons.
In the luxury pipeline, 13,133 rooms are in construction with 22,985 under contract. Midscale has 4,797 rooms in construction and 10,205 under contract. The upper midscale tier has 10,160 rooms in construction with 17,760 under contract.
Upper upscale is seeing 26,449 rooms in construction with 44,650 under contract. Upscale properties are seeing 16,538 rooms in construction and 35,512 rooms under contract.