The Europe hotel development pipeline comprises 711 hotels totalling 122,301 rooms, according to the October 2010 STR Global Construction Pipeline Report released this week. The region reported 328 projects in the In Construction phase totalling 59,782 rooms.
“The European pipeline remained relatively steady with just over 700 projects in October”, said Elizabeth Randall, managing director of STR Global. “Interestingly, this month, the top four cities with the most developments are London, Moscow, Vienna and Berlin, which reflects partly the top three countries for hotel development: United Kingdom, Germany and Russia. The Austrian capital changed places with Berlin as London, Moscow and Vienna saw new projects entering the pipeline. It will be interesting to see how the European pipeline develops over the next few months. Revenue per available room recovery is expected to continue within a still risky economic environment and access to finance is still an issue for developers in some cases”.
Year-to-date in 2010, 215 projects have opened in Europe with 33,226 rooms. There are 72 projects with 10,250 rooms in the region still expected to open in 2010. Looking ahead, in 2011 the region is expecting 298 projects with 52,601 rooms to open and in 2012 there are an expected 206 projects with 38,018 rooms.
About STR Global
STR Global provides clients—including hotel operators, developers, financiers, analysts and suppliers to the hotel industry—access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, forecasts, annual profitability, pipeline and census information. STR Global is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics, and HotelNewsNow.com. For more information, please visit the STR Global website.