The Asia-Pacific region continues to be hot for growth, with the latest STR stats showing year-on–year development pipeline increases yet again.
STR’s December 2016 Pipeline Report shows 592,139 rooms in 2,646 projects Under Contract in the Asia Pacific region and this represents a 2.4% increase in rooms Under Contract compared with December 2015.
Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
The region reported 266,032 rooms in 1,148 projects In Construction for the month. Based on number of rooms, that is a 4.2% increase in year-over-year comparisons.
Among Chain Scale segments, the Upscale segment accounted for the largest portion of rooms Under Contract (25.7% with 151,996 rooms) and In Construction (27.1% with 72,031 rooms).
The Upper Upscale segment was the only other segment to account for 20.0% or more rooms In Construction (24.8% with 66,066 rooms).