STR: Europe hotel construction up 44.3% in October
LONDON—STR’s hotel pipeline data for Europe showed 1,620 projects accounting for 205,383 rooms in construction as of October 2019. This represented a 44.3% 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.
Unaffiliated: 67,829 rooms (+88.7%)
Upscale: 40,750 rooms (+30.9%)
Upper Midscale: 32,945 rooms (+30.6%)
Four countries reported more than 8,000 rooms under construction. Germany led with 51,544 rooms, which represented 7.6% of the country’s existing supply, followed by the United Kingdom (40,867 rooms, 6.0% of existing supply).
Germany: 51,544 rooms (7.6%)
United Kingdom: 40,867 rooms (6.0%)
Spain: 26,166 rooms (3.9%)
France: 8,247 rooms (1.5%)
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 and costargroup.com.
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