A new report has revealed that London is the European city with the strongest hotel construction pipeline in Q2 2023, while the United Kingdom is leading the region in planned hotel projects.
According to the quarterly Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the UK tops the leaderboard with 322 hotel projects, representing 45,181 rooms.
The cities in Europe with the largest pipelines at Q2 are led by London, with 82 projects/14,767 rooms, and Istanbul, with record project counts of 42 projects/7,222 rooms.
The UK is followed by Germany with 211 projects/34,981 rooms, France with 132 projects/14,869 rooms, Portugal with 127 projects/15,446 rooms, and Turkey with 107 projects/15,670 rooms.
These leading countries, combined, are responsible for 52% of the projects and 49% of the rooms in Europe’s total pipeline. The UK, Germany, France, Portugal, and Turkey are expected to continue to lead Europe with the most hotels forecast to open through 2025.
The report found that Europe currently has 1,715 projects/256,578 rooms in its construction pipeline at the close of the quarter.
There are currently 776 projects/118,400 rooms under construction. Projects scheduled to start construction in the next 12 months stand at 404 projects/61,842 rooms and those in the early planning stage stand at 535 projects/76,336 rooms.
Following are Lisbon, with 37 projects/4,262 rooms, Dublin, with 32 projects/6,173 rooms, then Dusseldorf, Germany with 31 projects/5,669 rooms.
In the first half of 2023, Europe opened 150 new hotels with 20,027 rooms and is forecast to open another 265 new hotels with 35,491 rooms by year’s end.
The LE forecast for new hotel openings in the years ahead expects 381 new hotels to open in 2024, and 365 new properties to open in 2025.
By: EAMONN CROWE