STR:Hotel construction in December down 61K rooms from peak - 0 views
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asianhospitality on 17 Jan 22HOTEL CONSTRUCTION DROPPED in December, falling 61,000 rooms below the peak reached in early 2020, according to STR. The number of projects under construction and in final planning is particularly down from the same time last year while many more are in the planning phase. There were 158,906 rooms in the construction phase in December, down 19.2 percent from the same month in 2020, according to STR. There were 185,231 rooms in final planning, down 20.6 percent from 2020, but there were 284,502 rooms, up 38.9 percent from the previous December. "This past year was the second in a row with far fewer rooms in construction and final planning, but the rise in planning activity could be an indicator that the pandemic's impact on the pipeline will be different than what we saw during the Great Recession," said Alison Hoyt, STR's senior director of consulting. "During the previous recession, construction declines persisted from 2008 through 2010, but with massive jump in planning today, the construction downturn may not last as long as more rooms advance to later phases of the pipeline."