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European Hotel Pipeline Declines in September 2015
The European hotel development pipeline declined in September 2015 compared to September 2014. The decline estimated 7.9% according to the latest STR Global Construction Pipeline Report. The current number of hotels under contract in Europe is 794 with 129,953 guestrooms. That is a 1.7% year over year decrease in the number of hotel rooms that are to be added to the market in future. The information about hotels Under Contract includes hotels at such stages as construction, planning and final planning. Hotels that are currently in unconfirmed status are not added to the list.
For the month of September, as many as 326 hotels with the total of 53,015 guestrooms are at the stage of construction in Europe. If analyzed by regions, the United Kingdom has the biggest share of hotels under construction – 58 hotels with the total of 8,871 guestrooms. There are three more countries in Europe where the pipeline exceeds 5,000 guestrooms under development – Turkey (51 hotels with the total of 8,610 guestrooms), Russia (42 hotels with the total of 8,088 guestrooms), and Germany (6,363 guestrooms located in 33 hotels).
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