Europe's Hotel Construction Pipeline Shows Slight Year-over-year Increases in Project Counts at Q3 2023

Publish Time:2023-11-21 15:05:52Source:Travel Daily News

【Introduction】:In the Q3 2023 Hotel Construction Pipeline Trend Report by Lodging Econometrics (LE), analysts state that Europe's total construction pipeline currently stands at 1,673 projects/249,264 rooms, up 1% by projects year-over-year (YOY).

In the Q3 2023 Hotel Construction Pipeline Trend Report by Lodging Econometrics (LE), analysts state that Europe's total construction pipeline currently stands at 1,673 projects/249,264 rooms, up 1% by projects year-over-year (YOY).

The luxury, upper upscale, upscale, and economy chain scales in Europe all show YOY increases in project counts compared to Q3 2022 totals. Luxury projects increased 2% YOY, just ten projects short of the segment's all-time high, closing the quarter with 139 projects/18,515 rooms. The upper upscale chain scale increased 3% by projects YOY, with 284 projects/46,717 rooms. Upscale projects in Europe are up 3% YOY and account for 26% of projects in the country's total construction pipeline, settling in at 439 projects/71,178 rooms. Economy projects grew 5% YOY to stand at 157 projects/20,042 rooms at the close of the quarter.

At the end of the third quarter of 2023, there are 759 projects/114,842 rooms under construction. Projects scheduled to start construction in the next 12 months stand at 411 projects/63,154 rooms, while projects in early planning stand at 503 projects/71,268 rooms. Brand conversions in the region are up 15% by projects YOY, to stand at 374 projects/49,893 rooms. Construction starts grew 17% by projects YOY, with 91 hotels/11,436 rooms, and new project announcements (NPAs) also increased at Q3 by 20% YOY by projects, to close the quarter at 107 projects/13,536 rooms.

The United Kingdom continues to have the largest number of projects in the region's total pipeline at Q3, with 322 projects/44,259 rooms. Germany follows with 201 projects/32,889 rooms, then Portugal with 125 projects/15,055 rooms, and France with 121 projects/13,613 rooms. Next is Turkey, reaching all-time highs of 114 projects/16,907 rooms and increasing 33% by projects YOY.

Through the third quarter, 241 new hotels, accounting for 32,191 rooms, opened in Europe. The LE forecast for new hotel openings anticipates 99 additional new hotels/13,519 rooms to open by year-end. LE analysts expect new hotel openings will continue to ascend in the coming years, with 356 hotels/48,888 rooms scheduled to open in 2024 and climbing even higher to 406 hotels/56,127 rooms expected to open in 2025.

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