Tourism Industry News
Total hotel projects have declined 34% in Latin America
The Latin America Construction Pipeline declined for a seventh consecutive quarter in Q4 2009 to 453 projects/74,946 rooms, reaching a new low for the current development cycle.
Total projects have declined 34% from the Q1 2008 peak, with rooms down 42%. The Caribbean and South America saw the largest drop-offs from the peak.
Economic declines around the world have negatively pressured travel spending. With tourism and business travel crimped, lodging demand has been falling. Occupancy rates and RevPAR have seen sizeable decreases, particularly in the past year. This, combined with the evaporation of lend¬ing, is leading to increased cancellations and postponements, as well as fewer new Project Announcements, thus depleting Pipeline counts.
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