Asia's hotel development industry is very active these days.
According to STR's Global Construction Pipeline Report for March 2014, the Asia Pacific hotel market now has under development a pipeline of 2,312 new hotels totaling 513,443 rooms.
Among the countries in the region, Bangladesh reported the largest expected supply growth (+261.1 percent) if all 4,170 rooms under contract open. Six other countries each reported more than 30 percent expected room growth: Mongolia (+77.4 percent with 975 rooms); Myanmar (+67.5 percent with 4,109 rooms); Sri Lanka (+51.0 percent with 5,204 rooms); Bhutan (+46.7 percent with 78 rooms); Indonesia (+35.7 percent with 53,100 rooms); and Philippines (+30.7 percent with 13,078 rooms).
The under contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
A recovery that began to emerge late in the third quarter of 2014 couldn't help Thailand's hotel industry overcome a dismal first half of the year as the industry reported an occupancy decline of 11.3 percent.