STR: Europe hotel construction up 48.6% in April
STR's pipeline data for Europe showed 1,454 hotel projects accounting for 187,198 rooms in construction as of April 2019. This represented a 48.6% year-over-year increase in the number of rooms in the final phase of the development pipeline.
A majority of the region's rooms in construction are in three segments. Of those three, unaffiliated projects represented the largest percentage increase (+119.9%) in activity year over year.
1. Unaffiliated: 57,274 rooms (+119.9%)
2. Upscale: 40,477 rooms (+34.0%)
3. Upper Midscale: 31,127 rooms (+16.1%)
Five countries reported more than 7,000 rooms under construction. Germany led with 49,901 rooms, which represented 7.6% of the country's existing supply, followed by the United Kingdom (42,278 rooms, 6.3% of existing supply).
1. Germany: 49,901 rooms (7.6%)
2. United Kingdom: 42,278 rooms (6.3%)
3. Spain: 12,158 rooms (2.0%)
4. France: 8,715 rooms (1.6%)
5. Turkey: 7,246 rooms (2.5%)
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.