Caribbean, Mexico Hotel Development Pipeline Dips in October
According to the October 2015 STR Construction Pipeline Report, there are 164 hotels totaling 28,046 rooms under contract in the combined Caribbean and Mexico region.
This represents a 4.7% decrease in rooms under contract compared with October 2014 and a 12.9% year-over-year decrease in rooms under construction. The 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 12,186 rooms in 68 hotels under construction for the month.
Among the Chain Scale segments, four segments each accounted for 15.0% or more of rooms under contract: Upscale (22.9% with 6,433 rooms); Luxury (20.7% with 5,799 rooms); Upper Upscale (17.2% with 4,825 rooms); and Upper Midscale (17.0% with 4,772 rooms).
The Luxury segment accounted for the largest portion of rooms in construction at 34.9% (4,258 rooms). Two other segments each accounted for more than 15.0% of rooms in construction: Upper Midscale (18.0% with 2,191 rooms) and Upscale (16.8% with 2,047 rooms).