Lodging Econometrics (LE) announced in its latest Q2 2024 report that 755 hotels (117,908 rooms) are currently under construction in Europe.This represents a 45% increase in real estate.
For the third and fourth quarters of 2024 The company’s analysts expect an additional 202 new hotels with 27,106 rooms to open.Which brings the total forecast for new openings in 2024 to 330 hotels with 43,935 rooms. The main countries with the pipeline are:
| Countries | Number of projects under construction | Number of rooms |
|
UK |
306 |
43,515 |
|
Germany |
178 |
28,637 |
|
France |
120 |
12,831 |
|
Türkiye |
117 |
17,856 |
| Portugal | 114 |
14,247 |
“Together, these five countries account for 50% of projects and 47% of total rooms under construction in Europe, and are expected to drive new hotel openings through to 2026.” The cities that have seen the most development are:
|
Cities |
Number of projects | Number of rooms |
|
London (UK) |
76 |
14,954 |
|
Istanbul (Türkiye) |
50 |
8,397 |
| Lisbon (Portugal) |
36 |
4,425 |
|
Dublin (Ireland) |
26 |
5,012 |
| Dusseldorf, Germany | 24 |
4,448 |
The number of hotel properties scheduled to be built over the next 12 months is 412 (59,850 rooms), Representing 25%. While those in the “initial planning stage include 513 (71,696 rooms), representing 31% of the projects.”
From all to the future, You New hotel openings are expected to continue to grow, with 368 new hotels and 52,760 rooms scheduled to open in 2025.; By 2026, a new increase is expected, with 427 new hotels and 59,606 rooms planned.
Europe is led by luxury chains: pound
The European continent has a total portfolio of 1,680 projects, or 249,454 rooms at the end of Q2 2024. The majority of the supply is concentrated in the luxury, premium and upper mid-range chains:
- Luxury chains: 358 projects (55,936 rooms)
- Average high: 335 establishments (50,566 rooms).
- Luxury: 268 complexes (43,417 rooms)
It is worth noting that renovation and conversion projects in Europe reached an all-time high of 825 projects, with 95,519 rooms in the second quarter.
With the opening of new hotels. In the second quarter, it increased by 72% compared to the first quarter, with the number of properties reaching 81 properties and 10,569 rooms.
“In total, in the first and second quarters, 128 new hotels with 16,829 rooms were opened across Europe,” LE noted.
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