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Published on : Thursday, July 16, 2015
There are 3,511 projects totaling 426,043 rooms Under Contract in the United States, according to the June 2015 STR Pipeline Report. This represents an 11.1-percent increase in the number of rooms Under Contract compared with June 2014 and a 20.9-percent year-over-year increase 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.
Among the Chain Scale segments, the Luxury segment reported the largest year-over-year increase in rooms Under Contract, rising 46.5 percent to 10,716 rooms. The Upper Upscale segment followed with a 30.5-percent increase to 34,124 rooms.
The Unaffiliated segment (-21.0 percent to 83,792 rooms) reported the largest decrease in the number of rooms Under Contract.
All segments but Midscale (-13.6 percent to 4,077 rooms) reported a double-digit increase in rooms under construction. Two of those segments reported an increase of more than 30.0 percent. The Luxury segment reported the largest year-over-year increase, rising 57.3 percent to 5,468 rooms.
“When looking at the In Construction stage, Upscale and Upper Midscale brands combine to account for nearly 86,000 rooms, which is roughly two-thirds of total U.S. construction activity,” said Bobby Bowers, STR’s senior VP for operations. “However, Luxury and Upper Upscale brands reported the most significant percentage growth in year-over-year comparisons. STR currently expects full-year 2015 U.S. net room supply growth of 1.3 percent.”