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London is the fastest developing hospitality market in Europe
The October pipeline report from STR shows 153,206 hotel rooms in 1,007 projects are under contract in Europe.
The total represents a 14.9 per cent increase in rooms under contract compared with October 2015, suggesting an uptick in confidence in the market.
Under contract data includes projects in the in construction, final planning and planning stages, but does not include projects in the unconfirmed stage.
Europe reported 66,787 rooms in 442 projects in construction for the month, which is a 21.6 per cent increase in year-over-year comparisons.
Europe’s largest hotel market, Greater London, England, reported the most rooms in construction with 6,217 rooms in 36 hotels.
Three other key markets reported more than 2,000 rooms in construction: Moscow, Russia (4,012 rooms in 17 hotels); Istanbul, Turkey (3,596 rooms in 20 hotels); and Greater Berlin, Germany (2,779 rooms in nine hotels).
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights.
