It’s a big data day for STR as the company released global pipeline numbers.
Europe: The Europe hotel development pipeline currently comprises 670 hotels totaling 117,024 rooms, according to the June 2010 STR Global Construction Pipeline Report. The region reported 310 projects in the In Construction phase with 57,809 rooms.
Among the countries of the region, the United Kingdom ended the month with the largest number of rooms in the total active pipeline with 26,155 rooms, followed by Germany (17,092 rooms) and Russia (15,816 rooms). The U.K. also reported the most rooms in the In Construction phase with 11,627 rooms.
Asia/Pacific: The Asia/Pacific hotel development pipeline comprises 1,007 hotels totaling 252,969 rooms, according to the June 2010 STR Global Construction Pipeline Report.
China ended the month with 138,492 rooms in the total active pipeline, accounting for more than 50 percent of rooms in the total active pipeline among the countries of the region. India reported 46,360 rooms in the total active pipeline, followed by Thailand with 15,423 rooms.
Middle East/Africa: The Middle East/Africa hotel development pipeline comprises 455 hotels totaling 126,310 rooms, according to the June 2010 STR Global Construction Pipeline Report.
Among the countries in the region, the United Arab Emirates accounted for nearly 50 percent of total rooms in the total active pipeline for the region. The country ended the month with 54,814 rooms in the total active pipeline. UAE also reported the most rooms in the In Construction phase with 29,292 rooms. Saudi Arabia reported 16,680 rooms in the total active pipeline, followed by Egypt (7,332 rooms) and Morocco (6,047 rooms).
Central/South America: The Central/South America hotel development pipeline comprises 133 hotels totaling 21,222 rooms, according to the June 2010 STR Global Construction Pipeline Report.
Among the countries in the region, Brazil reported the largest number of rooms in the total active pipeline (7,191 rooms), followed by Panama with 5,300 rooms. Argentina ended the month with 1,900 rooms in the total active pipeline, followed by Colombia (1,509 rooms) and Costa Rica (1,420 rooms).
Caribbean/Mexico: The Caribbean/Mexico hotel development pipeline comprises 133 hotels totaling 17,250 rooms, according to the June 2010 STR/TWR/Dodge Construction Pipeline Report.
Among the countries of the region, Mexico reported the largest number of rooms in the total active pipeline (10,830). The country also reported 5,059 rooms in the In Construction phase, which is more than 45 percent of rooms in the country’s total active pipeline. Two other countries reported more than 1,000 rooms in the total active pipeline: Dominican Republic (1,874 rooms) and Puerto Rico (1,445 rooms). The Dominican Republic reported more than 75 percent of rooms in the total active pipeline in the In Construction phase (1,437 rooms).
Jones Lang LaSalle reports that preliminary direct commercial real estate investment volume reached US$66 billion during the second quarter, which is double the volume of the previous year’s second quarter.
“This is solid progress for commercial real estate investment markets, reflecting the pickup in trading which we have witnessed in certain countries globally,” Arthur de Haast, head of the international capital group at Jones Lang LaSalle, said in a news release. “That said, volumes are still well below pre-credit crisis levels, and since third quarter 2009 incremental growth has been relatively modest.”
At 3:25 p.m. EDT Thursday, BP finally capped the oil well that gushed oil into the Gulf of Mexico for 85 days, according to NPR.
BP is testing the cap on the well to see if it can withstand the pressure building up from the oil in the well.
"It's a great sight," said BP COO Doug Suttles, who immediately urged caution. The flow, he said, could resume. "It's far from the finish line. ... It's not the time to celebrate."
While Gulf Coast hoteliers are likely cheering the news, performance for the week ending 10 July was still mixed, according to STR data.
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The Consumer Price Index declined by 0.1 percent in June on a seasonally adjusted basis, according to the United States Bureau of Labor Statistics.
A decline in the energy index led to the June drop, the BLS said. The energy index dropped by 2.9 percent last month.
Excluding food and energy, the index increased by 0.2 percent in June.
ESPN’s Erin Andrews filed lawsuits against the hotels in which a peephole stalker videotaped her, according to CNN.com.
The suit was filed Thursday against Marriott International and Radisson Hotels International and Michael David Barrett, who pleaded guilty to stalking Andrews in December 2009 and was sentenced to two and a half years in prison. The suit alleges hotels gave out information about which rooms Andrews was staying in.
"Although I'll never be able to fully erase the impact that this invasion of privacy has had upon me and my family, I do hope that my experience will cause the hospitality industry to be more vigilant in protecting its guests from the time they reserve a hotel room until they check out," Andrews said in a statement Thursday.
Compiled by Shawn A. Turner.