U.S. Hotel Transactions Market Active in 2016
Significant New Supply Headed to Many Major U.S. Hotel Markets
Among the countries in the region, Brazil reported the most rooms In Construction with 18,497 rooms in 101 hotels. Four additional countries each reported more than 1,000 rooms In Construction: Colombia (3,268 rooms in 21 hotels); Peru (1,064 rooms in nine hotels); Argentina (1,023 rooms in eight hotels); and Panama (1,017 rooms in six hotels).
Among the countries in the region, Mexico reported the most rooms In Construction with 7,981 rooms in 58 hotels. The Dominican Republic (1,208 rooms in six hotels) was the only other country to report more than 1,000 rooms In Construction.
In the In Construction phase, the U.S. reported 164,860 rooms in 1,259 projects. That number of rooms represents a 27.3% increase in year-over-year comparisons. A large percentage of construction activity, 46.8%, is occurring in the Top 26 Markets by existing supply.
Among the countries in the region, China reported the most rooms In Construction with 146,590 rooms in 485 hotels. Two other countries reported more than 20,000 rooms under construction: Indonesia (22,918 rooms in 110 hotels) and India (22,037 rooms in 138 hotels).
The Under Contract total in the Middle East subcontinent represents a 32.7% increase in rooms Under Contract compared with May 2015 and an 18.7% year-over-year increase in rooms In Construction. The Middle East reported 81,363 rooms in 252 hotels under construction for the month.
Among the countries in the region, the United Kingdom reported the most rooms In Construction with 15,481 rooms in 154 hotels. Three additional countries reported more than 5,000 rooms in the construction phase: Germany (10,535 rooms in 54 hotels); Turkey (8,245 rooms in 54 hotels); and Russia (7,379 rooms in 36 hotels).
HVS Design and Jonathan Nehmer + Associates (JN+A) announce the completion of the 2016 Hotel Cost Estimating Guide. The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations in the USA.