STR Global Reports new Mexico and Caribbean hotels on the Pipeline
The new Caribbean/Mexico hotels that were under the August 2009 STR Construction Pipeline Report are now becoming a reality whilst newer projects have come to a stand still after the uncertainty of the global recession.
Projects for new Mexico and Caribbean hotels which had started construction before August 2009 are carrying on as planned without delays whereas some newer projects have come to a stand still. Those new Mexico & Caribbean hotels which were planned under the August STR Construction Pipeline Report released this week are well on their way towards completion with 141 new Mexico & Caribbean hotels making a total of 1,535 rooms currently being built.
“At the Caribbean Hotel & Tourism Investment Conference held earlier this year in Bermuda, the general sentiment was that development would dwindle to a virtual trickle in the Caribbean in 2009 and 2010,” said Duane Vinson, vice president at STR. "It appears that earlier projections are now a reality. With fewer than 50 projects in the active pipeline, new projects have come to a stand still."
Among the countries in the region, Mexico hotels reported the largest amount of rooms in the ‘In Construction’ phase with 5,289 rooms under way and a total of 10,810 rooms in the active pipeline. Puerto Rico followed with 1,163 rooms at the ‘In Construction’ phase and 1,627 rooms in the active pipeline. Lastly, The Bahamas also ended the month with more than 1,000 rooms in the active pipeline with a total of 1,439.
Between the different categories of new Mexico and Caribbean resorts under construction the largest percentage was for new luxury hotels with as many as 23.3% of the rooms catering for the higher end of luxury holidays. The following category occupying 20.7% of the active pipeline of hotels with 3,836 rooms was the Mid-Scale hotel range without Food and Beverage. The Mid-Scale hotels with Food and Beverage catering towards the family and beach holidays market accounted for 8.6% of the total with 1602 rooms in the active pipeline whereas the more Economical range of new Mexico & Caribbean hotels made up the smallest portion of the totals occupying only 6.1%.
STR Global is a 20-year old company whose initials stand for ‘Smith Travel Research’. A leader in the lodging industry for benchmarking and research, Smith Travel Research and STR Global offer monthly, weekly, and daily STAR benchmarking reports to more than 36,000 hotel clients, representing nearly 5 million rooms worldwide.
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