According to Smith Travel Research, several cities and regions around the world have emerged as focal points of hotel development and growth at the close of 2009.
National Occupancy & RevPAR
Nationally, the hotel industry overall experienced increases in occupancy and RevPAR in year-over-year measurements. Hotels around the country rung in the new year with occupancy increases to 45.5% and RevPAR rising to $45.37 by week’s close on January 2. Leading the growth in occupancy and RevPAR was the St.Louis, Missouri-Illinois market, followed by the Atlanta, Philadelphia, Pennsylvania-New Jersey and Boston markets, respectively.
Global Development Pipeline
Hotel markets across the globe are experiencing active hotel construction projects, with the Asia-Pacific region leading as the largest pipeline underway. Specifically, Shanghai, Mexico, Brazil, London, and United Arab Emirates boasted the largest hotel development pipelines in their respective regions at the end of 2009. On the other end of the pipeline, Central and South America as well as the Caribbean and Mexican markets were the regions with the smallest active hotel development pipelines. The breakdown of development is as follows:
National Occupancy & RevPAR
Nationally, the hotel industry overall experienced increases in occupancy and RevPAR in year-over-year measurements. Hotels around the country rung in the new year with occupancy increases to 45.5% and RevPAR rising to $45.37 by week’s close on January 2. Leading the growth in occupancy and RevPAR was the St.Louis, Missouri-Illinois market, followed by the Atlanta, Philadelphia, Pennsylvania-New Jersey and Boston markets, respectively.
Global Development Pipeline
Hotel markets across the globe are experiencing active hotel construction projects, with the Asia-Pacific region leading as the largest pipeline underway. Specifically, Shanghai, Mexico, Brazil, London, and United Arab Emirates boasted the largest hotel development pipelines in their respective regions at the end of 2009. On the other end of the pipeline, Central and South America as well as the Caribbean and Mexican markets were the regions with the smallest active hotel development pipelines. The breakdown of development is as follows:
- Asia-Pacific: 232,680 rooms>Shanghai with 13,057 rooms
- Europe: 97,266 rooms>London with 5,154 rooms
- Middle East and Africa>119,560 rooms/United Arab Emirates with about 48,000 rooms
- Central/South America>19,292 rooms/Brazil with about 7,700 rooms
- Caribbean/Mexico>18,291 rooms/Mexico with about 11,000 rooms
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