The number of hotel room in the pipeline in Asia Pacific increased 6.3 percent in July over the same month a year earlier, according to a new STR Global report.
In its July 2015 STR Global Construction Pipeline Report, the consultancy reported that 2,379 hotels in the region had 557,133 rooms under contract, which includes rooms under construction, in the final planning or planning stages.
On the other hand, the number of rooms under construction dropped 0.8 percent year-over year.
The biggest single portion of rooms under contract comes from chain hotels, which accounted for almost a third or 29 percent of all rooms under contract. Upscale, upper upscale and luxury hotels accounted for more than half the rooms in the pipeline with 381,817 rooms on the way or 68 percent of the total.
By comparison, the number of economy hotel rooms under contract in the pipeline was relatively miniscule, with just 10,068 or just over 1 percent of rooms being completed.