This is the seventh year of pipeline expansion for the region. This growth has been driven primarily by the substantial growth of the major global hotel companies who have acquired the brands of others or created new brands to bolster their existing portfolios throughout the last decade.
Projects under construction stand at 830 projects with 132,225 rooms, while projects planning to start construction in the next 12 months recorded 496 projects/76,692 rooms.
Projects in the early planning stage have 384 projects/55,163 rooms. The three stages of development and the six chain scales of Europe’s pipeline are experiencing double-digit increases YOY and are at or near record highs.
Through the third quarter of 2019, Europe opened 325 new hotels with 43,089 rooms and was forecast to open another 81 new hotels/9,241 rooms by year end 2019.
With the pipeline at record highs, the LE forecast for new hotel openings will continue to ascend in the coming years with 450 new hotels/63,383 rooms scheduled to open this year and climbing even higher in 2021 to 499 new hotels with an impressive 75,517 rooms expected to open.