Booming luxury hotel development in the Caribbean and Mexico
The Caribbean/Mexico hotel development pipeline comprises 167 hotels totaling 28,140 rooms, according to the July 2014 STR Construction Pipeline Report.
This represents a 21.8 percent increase in rooms under contract compared with July 2013, and a 23.2 percent increase in rooms under construction. The total number of rooms under contract includes rooms in construction, final planning, and planning stages but does not include unconfirmed rooms.
Among the chain scale segments, the luxury segment accounted for the largest portion of rooms under contract (21.4 percent) with 6,028. The luxury segment (29.0 percent with 3,715 rooms) and the unaffiliated segment (25.3 percent with 3,242 rooms) made up the largest portion of rooms under construction in the region.