A new report shows that 178,105 guestrooms in 1,167 hotel projects are currently in development in Europe. According to the report, which was released by STR, the total represents a 20.0-percent increase in guestrooms in development compared with July 2016. Europe also reported 77,280 guestrooms in 499 projects under construction for the month. Based on number of guestrooms, that is a 22.0-percent increase year-over-year.
Five key European markets reported more than 2,000 guestrooms under construction. Istanbul, Turkey reported 4,497 guestrooms in 24 projects currently under construction. Following close behind is London, England with 4,300 guestrooms while the capital city had more hotel projects than Istanbul with 27 projects currently under construction. Moscow, Russia reported 3,602 guestrooms in 16 projects under construction. Meanwhile, Munich Germany has 2,897 guestrooms in 13 projects. Amsterdam followed behind with a reported 2,166 guestrooms in 12 projects being constructed.
These development projects include the construction of a CBD Wanda Vista hotel in Turkey’s capital, which is funded by Mar Yapi and designed by Philippe Starck. Wanda Hotels & Resorts will open the 150-guestroom and suite Wanda Vista Istanbul—its first overseas hotel—by the end of 2018.
Carlson Rezidor also has an Istanbul property currently under construction. The 484-guestroom Park Inn Apartment Hotel Istanbul Esenyurt will open in late 2017/early 2018. The hotel will be part of the Wish Istanbul mixed-use development of approximately 1.5 million square feet, which will have two 40-floor towers.
Data includes projects under construction, in the final planning stage and the planning stage, but it does not include projects in the unconfirmed stage.