Caribbean, Mexico Hotel Development Upticks
According to the August 2014 STR Construction Pipeline Report, the Caribbean and Mexico hotel development pipeline comprises 164 hotels totaling 27,621 rooms.
This represents a 17.7-percent increase in rooms under contract, compared with August 2013, and a 21.9-percent increase in rooms under construction. The total rooms under contract include rooms in the Construction, Final Planning and Planning stages but do not include rooms in the Unconfirmed stage.
Year-to-date August 2014, 96 hotels with 14,848 rooms have opened in the region. During the remainder of 2014, 28 more hotels with 4,973 rooms are expected to open. The most rooms are slated to be added in the Unaffiliated segment (1,971 rooms in five hotels), followed by the Upper Midscale segment (1,031 rooms in nine hotels) and the Luxury segment (935 rooms in three hotels).
In 2015, 58 hotels with 10,848 rooms are expected to open. The Luxury segment is expecting to add 2,838 rooms within 10 hotels, the largest addition of rooms among the segments. Three other segments are expected to add more than 2,000 rooms in 2015: the Upper Midscale segment (2,287 rooms in 17 hotels); the Unaffiliated segment (2,181 rooms in six hotels); and the Upscale segment (2,122 rooms in 16 hotels).