A recent report on hotel construction investment trends in Europe for 2024, compiled by Lodging Econometrics (LE), reveals significant growth in the region’s hospitality sector. This year, Europe is set to welcome 418 new hotels, comprising a total of 64,835 rooms.
The United Kingdom leads the way with 306 projects currently underway, followed by Germany with 178 hotels, and France in third place with 120 developments. Close behind is Turkey, with 117 projects, making it the fourth largest market for hotel investments in Europe.
When looking at specific cities, London tops the list with 76 hotel projects, followed by Istanbul with 50 projects.
Experts note that Turkey’s hotel industry is on an upward trajectory, with plans to develop 354 new hotel investment projects by 2026. Among these, 100 new four- and five-star hotels are expected to open between 2025 and 2026.
The report also emphasizes that 21% of investments in new European hotels are directed towards the luxury segment. Additionally, the region is focusing heavily on renovation projects, with 825 hotels currently undergoing renovations, encompassing a total of 95,519 rooms.
In the first half of 2024 alone, 128 new hotels opened across Europe, with another 202 expected to launch by the end of the year. This will bring the total number of new hotels in Europe for 2024 to 330.
This surge in hotel construction and renovation highlights the robust growth and evolving landscape of the European hospitality industry.
