Upscale hotel construction accounts for roughly two-thirds of total U.S. construction activity, according to Bobby Bowers, STR senior VP for operations. The STR Pipeline Report shows an 11.1% increase in the number of hotel rooms under contract in June 2015 compared to June 2014 and a 20.9% year-over-year increase in rooms under construction.
The luxury hotel segment reported the largest year-over-year increase in rooms under contract rising 46.5%. All segments except midscale hotels reported double digit increases in rooms under construction with two segments reporting an increase of more than 30%.
(more on the boom in hotel construction...)
