630 hotels ‘under contract’ in Mideast, Africa
London, August 29, 2014
The Middle East and Africa (MEA) region has about 630 hotels ‘under contract’, totalling to 147,754 rooms, according to a recent report.
The July 2014 STR Global Construction Pipeline Report noted that ‘under contract’ data includes projects in the 'in construction', 'final planning' and 'planning' stages but does not include projects in the 'unconfirmed' stage.
Among the Chain Scale segments, the upper upscale segment accounted for the largest portion of rooms 'under contract' in the region (36.4 per cent) with 53,794 rooms.
The three other segments each made up more than 10 per cent of rooms 'under contract': the upscale segment with 18.6 per cent, the luxury segment at 18.5 per cent and the unaffiliated segment at 13.9 per cent.
Meanwhile, the upper upscale segment made up the largest portion of rooms under construction, followed by the luxury segment and the upscale segment, the report said. - TradeArabia News Service