Decrease in rooms under contract, report suggests
There are 804 hotels totalling 131,389 rooms Under Contract in Europe, according to the July 2015 STR Global Construction Pipeline Report. This represents a 9.5 per cent decrease in rooms Under Contract compared with July 2014 and a 9.4 per cent year-over-year decrease in rooms under construction. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
Among the region’s key markets, Istanbul, Turkey, reported the most rooms under construction with 4,584 rooms in 23 hotels. Three other markets reported more than 2,000 rooms under construction: Greater London, England (3,759 rooms in 22 hotels); Moscow, Russia (3,071 rooms in 13 hotels); and Greater Amsterdam, Netherlands (2,346 rooms in eight hotels).