Despite refugee crisis, terrorist attacks and future Brexit, European hotel industry still shows signs of healthy growth and doesn’t lose its popularity in the eyes of investors. According to the data published by STR Global, supply of hospitality industry in Europe grows faster than a year ago. In October 2016, 1,007 projects with 153,206 guestrooms were under contract in Europe. That is 14.9% more rooms under contract than a year ago in October 2015. The term “under contract” includes hotels in planning, final planning and construction stages. Hotels, the opening of which has not been confirmed yet, are not included in the list.
When it comes to hotels already under construction, here the increase is even more significant. In October 2016, 442 hotels with 66,787 guestrooms were under construction in Europe. That is 21.6% more than a year ago. London remains the most attractive destination for investors. Currently, there are 36 hotels with 6,217 guestrooms under construction in the capital of the UK. Other significant European destinations include Moscow (4,012 guestrooms in 17 hotels under construction), Istanbul (3,596 guestrooms in 20 hotels), and Berlin (2,779 guestrooms in 9 hotels).