Europe reported a 29.4% year-over-year increase in the number of rooms in the final phase of the development pipeline during the month.
STR’s hotel pipeline data for Europe showed 1,654 projects accounting for 210,075 rooms in construction as of the end of January 2020. This represented a 29.4% year-over-year increase in the number of rooms in the final phase of the development pipeline.
A majority of the region’s rooms in construction are in three segments. Of those three, unaffiliated projects represented the largest percentage increase (+88.7%) in activity year over year.
1. Unaffiliated: 69,369 rooms
2. Upscale: 41,391 rooms
3. Upper Midscale: 35,508 rooms
Four countries reported more than 8,000 rooms under construction. Germany led with 52,587 rooms, which represented 7.7% of the country’s existing supply, followed by the United Kingdom (41,199 rooms, 6.1% of existing supply).
1. Germany: 52,587 rooms (7.7%)
2. United Kingdom: 41,199 rooms (6.1%)
3. Spain: 26,477 rooms (3.9%)
4. Portugal: 8,785 rooms (7.0%)
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces.For more information, please visit str.com.
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Source: https://www.hotelnewsresource.com/article109271.html
