U.S. Hotel Construction Up 39 Percent Year Over Year
The number of hotel rooms under development in the United States is up by 12 percent over last year, according to the June 2014 STR Pipeline Report, while the number already under construction has jumped by 39 percent. There are 3,183 hotels in the pipeline, for a total of 383,527 rooms. New York City leads all of the top 25 markets in terms of construction with 14,049 rooms being built, a 26 percent year-over-year jump. Only three other markets claim more than 2,500 rooms under construction: Houston (4,530 rooms); Miami/Hialeah, Fla. (2,709 rooms); and Anaheim/Santa Ana, Calif. (2,604 rooms). In Central/South America, the number of hotel rooms under development in the Caribbean/Mexico region is up 19 percent over a year ago, according to STR. There are 27,690 rooms in the pipeline, in the form of 163 hotel projects. The number under construction is up 23 percent year-over-year, led by Mexico, with 8,069 rooms in the construction phase. In the Central/South America region, Brazil's pipeline dwarfs that of its smaller neighbors: The nation has 44,100 rooms in the pipeline, out of a regional total of 65,479, spread over 400 hotels. Four other countries have more than 2,000 rooms in the pipeline: Colombia (4,893 rooms), Panama (3,631 rooms), Argentina (2,771) and Chile (2,437).