Upper Upscale Projects in Europe’s Hotel Construction Pipeline Reach Record-Highs at Q4

The recent Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that the region’s total pipeline stands at 1,706 projects/254,937 rooms at the end of Q4 ‘23.

At year-end, the hotel construction pipeline in Europe includes 755 projects with 115,300 rooms currently under construction, with an additional 418 projects/64,835 rooms scheduled to start construction in the next 12 months. Furthermore, 533 projects/74,802 rooms are in the early planning stage. Notably, announced renovation and conversion projects have seen a significant uptick, rising 21% in projects and 10% in rooms year-over-year (YOY) at the end of Q4; reaching 558 projects and 76,231 rooms. Conversions in Q4 alone increased by 33% in projects and 22% in rooms year-over-year, ending the quarter with 412 projects and 54,273 rooms.

Upper upscale, upscale, and upper midscale projects dominate the hotel construction pipeline at Q4. Upper upscale projects in Europe reached record-highs at Q4 with 266 projects/44,003 rooms; upscale projects stand at 354 projects/56,304 rooms; and upper midscale projects closed the quarter with 302 projects/46,655 rooms.

In 2023, 316 new hotels with 41,866 rooms opened throughout Europe. LE analysts anticipate a continued strong trend in new hotel openings into 2024, with 348 new hotels and 48,559 rooms expected to open, and a forecast of 383 new hotels with 52,337 rooms slated for 2025.

The United Kingdom leads the region with the highest number of hotel projects at Q4

The United Kingdom leads the region with the highest number of projects in the hotel construction pipeline at Q4, boasting 322 projects and 43,990 rooms. Germany follows with 195 projects and 31,839 rooms, followed by France with 127 projects and 14,224 rooms, then Turkey with a record-high of 118 projects and 17,752 rooms, and Portugal with 114 projects and 13,869 rooms. These five countries account for 51% of the projects in the region’s overall pipeline.

European cities with the largest pipelines at Q4 are led by London with 77 projects/13,699 rooms, Istanbul with 53 projects/8,911 rooms, Lisbon with 36 projects/4,013 rooms, Dublin with 32 projects/6,106 rooms, and Dusseldorf with 28 projects/5,228 rooms.

LE’s Database Platform is Now Available in Seven Languages

Lodging Econometrics (LE), the leading provider of global lodging real estate intelligence, announces the launch of multi-language capabilities within its renowned Business Development Database of hotel development intelligence & decision-maker contacts. This groundbreaking update is poised to revolutionize the user experience, offering access to and understanding of crucial hotel development data in a user’s preferred language, thereby allowing clients to discover more new business opportunities.

Key Highlights of the Update:

Comprehensive Localization: This new premium update introduces a specialized localization dropdown selector, enabling clients to localize all elements within LE’s database, except for letterheads, to Simplified Chinese, Spanish, Portuguese, French, German, Italian, or Hindi. This enhancement ensures that every aspect of the user interface is tailored to resonate with local audiences, fostering deeper engagement and understanding.

Future-Ready Solutions: In an era marked by increasing globalization, LE’s enhanced multi-language localization capabilities empower clients to adapt and thrive in diverse markets, providing clients with the ability to navigate and utilize essential hotel development data in their preferred language, breaking down language barriers, and enhancing accessibility and understanding. It allows for seamless participation in international collaborations, expanding market presence with greater ease. This, in turn, opens more opportunities for smoother communication and collaboration in the global hotel development landscape, ultimately supporting business growth and success.

“We are incredibly excited to introduce these new localization capabilities to our esteemed clients,” said Timothy Ford, President at Lodging Econometrics. “This update underscores our commitment to innovation and client-centricity. By offering comprehensive localization tools, LE is committed to supporting multi-national and global clients and expanding our powerful and sophisticated platform, all while making our database platform easier to use across entire organizations. The result for our current and future clients is to provide them with a new competitive edge, global empowerment, and sustainable growth.”