Luxury hotel developments on high in MEA
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The recent STR Global construction pipeline report for May 2014 stated that Middle East/Africa hotel region reported 589 hotels Under Contract totalling to 137,784 rooms. The under contract data includes projects in the in construction, final planning and planning stages but does not include projects in the unconfirmed stage.
Among chain scale segments, the upper upscale segment accounted for the largest portion of rooms under contract with 35.8% and 49,260 rooms. Three other segments each accounted for more than 10% of rooms under contract: the upscale segment at 19% with 26,117 rooms; Luxury 18.2% with 25,044 rooms and unaffiliated segment at 14% with 19,327 rooms.
The upper upscale segment also made up the largest portion of rooms under construction at 36.2% with 23,570 rooms. The luxury segment was at 20.8% with 13,567 rooms and upscale segment was 20.2% with 13,174 rooms. Each made up a significant portion of rooms under construction in the region.
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