Central/South America hotel construction down 5.3% in April
STR’s pipeline data for the Central/South America region showed 168 hotel projects accounting for 23,324 rooms in construction as of April 2019. This represented a 5.3% year-over-year decline 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 only percentage increase (+29.5%) in activity year over year.
1. Midscale: 5,551 rooms (+29.5%)
2. Upscale: 5,229 rooms (-22.8%)
3. Upper Upscale: 4,842 rooms (-21.7%)
Five countries reported more than 1,000 rooms under construction. Brazil led with 10,085 rooms, which represented 3.7% of the country’s existing supply, followed by Colombia (3,743 rooms, 7.1% of existing supply).
1. Brazil: 10,085 rooms (3.7%)
2. Colombia: 3,743 rooms (7.1%)
3. Chile: 2,196 rooms (5.8%)
4. Peru: 2,106 rooms (7.6%)
5. Argentina: 1,049 rooms (1.6%)
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. For more information, please visit str.com.
Source: Read Full Article