STR reports a decrease in new hotel projects
According to the source, each of the four world regions showed a year-over-year decline at the end of the second quarter
STR reports a decrease in hotel activity in all regions of the world.
Each of the four world regions showed a year-over-year decline in hotel project activity at the end of the second quarter, according to June 2022 data from STR.
June 2022 (% change compared to June 2021)
Under Construction: 207,315 rooms (-12.6%)
Final Planning: 150,164 rooms (-15.2%)
Planning: 163,380 rooms (+10.6%)
Total Under Contract: 520,859 (-7.4%)
Germany ( 40,729) and the United Kingdom (28,612) lead Europe in total rooms under construction.
Under Construction: 486,412 rooms (+2.1%)
Final Planning: 128,808 rooms (-29.0%)
Planning: 302,499 rooms (+11.5%)
Total Under Contract: 917,719 rooms (-1.2%)
Among the countries in the region, China has the most rooms under construction (308,062), followed by Vietnam (31,161).
Middle East and Africa
Under Construction: 127,397 rooms (-6.2%)
Final Planning: 37,143 rooms (-18.0%)
Planning: 73,096 rooms (+26.1%)
Total Under Contract: 237,636 (-0.6% )
Saudi Arabia (37,654) and the United Arab Emirates (31,671) lead construction activity.
Under Construction: 202,250 rooms (-16.9%)
Final Planning: 208,583 rooms (-14.4%)
Planning: 328,944 rooms (+10.4%)
Total Under Contract: 739,777 (-5.8%)
United States It has the most rooms under construction in the region. After the US, Mexico (14,909) and Canada (7,232) have the most rooms under construction in the region.