Total project counts are down 8% from the cyclical peak in Q2 2008, with total rooms down 11%.
The Pipeline will continue to contract at an accelerating pace through 2009, particularly as New Project Announcements into the Pipeline are expected to further taper off during the next year.
In Asia, 62% of all Pipeline projects are already Under Construction due to the rush to get projects started in late 2007-early 2008 before the onset of the lending crisis.
As a result, a record level of New Openings is forecasted through 2010. Of the 309,196 new guestrooms expected though 2010, 302,600 are already in the ground.
To view the entire LE Lodging Q3 2008 Report for Asia Pacific, please click here.
Lodging Econometrics (LE) of Portsmouth, NH is the global authority for hotel real estate. LE conducts Supply Side research for all markets, developers and brands and companies in: U.S., Canada, Mexico, Central America and the Caribbean, Europe, Asia, Middle East, South America, and Africa.
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