STR: Europe hotel construction up 29.4% in January
STR's hotel pipeline data for Europe showed 1,654 projects accounting for 210,075 rooms in construction as of the end of January 2020. This represented a 29.4% 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 (+88.7%) in activity year over year.
1. Unaffiliated: 69,369 rooms
2. Upscale: 41,391 rooms
3. Upper Midscale: 35,508 rooms
Four countries reported more than 8,000 rooms under construction. Germany led with 52,587 rooms, which represented 7.7% of the country's existing supply, followed by the United Kingdom (41,199 rooms, 6.1% of existing supply).
1. Germany: 52,587 rooms (7.7%)
2. United Kingdom: 41,199 rooms (6.1%)
3. Spain: 26,477 rooms (3.9%)
4. Portugal: 8,785 rooms (7.0%)
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.