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High-end hotels drive Asian development

Posted On 14/04/2016

6919_W GoaThe development of new upscale and luxury properties is driving the expansion of hotel supply in Asia Pacific, a new report has revealed. According to data from STR, there are currently 1,022 hotel projects under construction across the region, comprising 257,357 rooms. And almost two-thirds of these rooms (169,213, or 65.7%) are in the top three sectors of the market: upscale, upper-upscale and luxury. The upscale sector (68,582 rooms, or 26.6% of the total) has the largest pipeline, followed by upper-upscale (57,855, 22.5%) and luxury (42,776, 16.6%) sectors. Only 2,135 of the hotel rooms currently under construction in Asia Pacific are in the economy sector, accounting for just 0.8% of new supply. But this development will help balance Asia’s hotel supply; at present the economy sector accounts for the largest number of operational hotels in the region, followed by upscale and upper-upscale.