STR: Europe hotel construction up 52.4% in July
STR's hotel pipeline data for Europe showed 1,504 projects accounting for 192,352 rooms in construction as of July 2019. This represented a 52.4% 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 (+100.3%) in activity year over year.
1. Unaffiliated: 56,174 rooms (+100.3%)
2. Upscale: 41,143 rooms (+37.4%)
3. Upper Midscale: 31,739 rooms (+34.1%)
Four countries reported more than 8,000 rooms under construction. Germany led with 52,704 rooms, which represented 7.9% of the country's existing supply, followed by the United Kingdom (42,260 rooms, 6.3% of existing supply).
1. Germany: 52,704 rooms (7.9%)
2. United Kingdom: 42,260 rooms (6.3%)
3. Spain: 12,588 rooms (2.0%)
4. France: 8,840 rooms (1.6%)
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.