London Leads Europe In New Hotel Construction
London has the most hotel rooms under construction than anywhere else in Europe, according to data compiled by STR, a data and analytics specialist. There are 5.4k rooms under construction in London in 32 hotels. Only three other markets featured more than 2k rooms under construction: Istanbul (4,192 rooms in 24 hotels), Moscow (3,632 rooms in 15 hotels), and Berlin (2,467 rooms in 7 hotels).
July was the first month of 2016 that London experienced growth in revenue per available room, and achieved an increase in average daily rate to £156.67. Occupancy grew marginally by .2% to 88.4%.
The Pipeline Report shows 148,483 rooms in 966 projects under contract in Europe – a 13% increase year-over-year. There were 63,353 rooms in 424 projects in construction for the month, an 18.4% increase year-over-year.
