According to STR’s 10th anniversary report, there are 184,299 hotels that amount to 16,966,280 million rooms around the world – representing a 17.7% increase in rooms over the last 10 years.
“The hotel sector and its rate of return continue to attract real-estate investors—that is evident through the substantial growth in performance metrics and development we have seen over the past decade,” said Robin Rossmann, STR’s international managing director.
“While the story is rarely the same for any two markets around the world, the industry as a whole continues to perform at robust levels, and we expect continued growth over the coming years.”
Talkabouthospitality recently reported that the Middle East’s tourist boom shows no sign of slowing as new figures reveal the region has overtaken Europe in regards to the number of new hotel rooms in the pipeline.
According to a new report by TOPHOTELPROJECTS – prepared ahead of this year’s editions of The Hotel Show Saudi Arabia and The Hotel Show Dubai – the Middle East is set to add 238,963 new hotel rooms to its current supply, the majority of which will open in the next five years.
Only North America and Asia/Pacific have more hotel rooms planned than the Middle East, where the UAE (222 projects / 126,576 rooms) and Saudi Arabia (143 projects / 55,810 rooms) are the two most active countries for hospitality development.
An even clearer indicator of continued growth is the Middle East having more hotel rooms on the way than South America and Africa combined.