Chart of the Day: Total hotel room supply rose 67.9% from 2009 to 2017
On average, 2,970 rooms were added a year for nine consecutive years.
This chart from Savills Research shows that from 2009 to 2017, total hotels room supply increased by 67.9% or at a CAGR of 5.9% per annum.
According to a report, the increase in hotel supply is equivalent to 26,734 rooms within the time frame.
This is equivalent to adding on average an additional 2,970 rooms each year for nine consecutive years.
"Considering the amount of supply that has been taken up, recent hotel market performance has held up well," Savills said.
It lost 1.7 ppt of occupancy and 11.2% in revenue per available room (RevPAR) over the past five-year period.