Hotel supply as of November 2014 increased 3.2 percent over the past five years against 5.3 percent demand growth, which is likely to limit the effects of new supply on some markets, according to the 2015 HVS Hotel Development Cost Survey. Rising construction costs, high barriers to entry in some markets and competition for sites from developers of multifamily housing and condominium properties were cited as reasons for the slow development pace. According to data from STR, 413,419 rooms are in various stages of development, with 64 percent expected to come online this year and in 2016. Read the Hotel Management online story here