Asia Pacific hotel market grows

LONDON Hotel development motors on in the Asia-Pacific region with 2,388 hotels totalling 556,592 rooms under contract, according to the May 2015 STR Global Construction Pipeline Report.
Shanghai, China led with the largest number of rooms under construction.
STR Global monitors hotel performance and expansion globally as part of its research for hotel developers.
This represents a 6.8% increase in rooms under contract compared with May 2014, and a 1.3% year-over-year decrease in rooms under construction.
inside no 6The under contract data includes projects being built, in final planning and planning stages but not projects that remain unconfirmed.
The region reported 254,342 rooms in 1,014 hotels under construction for the month of May.
Among the region’s key markets, Shanghai, China, reported the largest number of rooms under construction with 7,334 rooms. Three additional markets reported more than 5,000 rooms under construction: Chengdu, China (6,278 rooms); Jakarta, Indonesia (6,197 rooms); and Bali, Indonesia (5,719 rooms).
STR Global provides clients—including hotel operators, developers, financiers, analysts and suppliers to the hotel industry—access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia-Pacific and South America. It is part of the STR family of companies and associated with STR, STR Analytics, and Hotel News Now. See www.strglobal.com.

sourced:traveldailynews.asia