Despite economic concerns across the continent, many major global hotel companies are progressing with expansion plans in Europe. With 784 projects currently being built, another 403 will begin construction later this year.
From industry analyst Lodging Econometrics (LE), data reveals there were just over 1,700 hotels in the construction “pipeline” across Europe at the end of 2022. The sum of all these projects amounts to 261,000 rooms on the continent’s stock.
One of the leading international hotel brands, Accor, has the newest European properties in the works with 286 hotels. Following closely behind is Hilton with 195, Marriott International with 185, and InterContinental Hotels Group with 153.
“Despite slowed economic growth throughout the region in 2022, Europe remains the most popular tourist destination in the world, with six of the top ten most visited international tourist destinations located in the region,” explained LE in its analysis of the current market. “Travel activity in Europe is expected to continue to rebound in 2023, and as hotel operating performance increases, owners, investors, and franchise companies will continue to focus on development efforts in the region.”
The U.K. has the most new projects in Europe, sitting at 295 hotels – slightly ahead of Germany, which sits at 257 properties. France comes next with 152 and then Portugal with 130.
Accor’s ibis budget chain is the brand leading the way with 99 projects in Europe. Hampton by Hilton is at 74, whereas IHG’s Holiday Inn and Holiday Inn Express accounts for a combined 77 projects.
The centre of European hotel development continues to be in London, with 75 projects. Paris sits at 31 hotels, Dusseldorf at 42, and Lisbon at 35.
“New project announcements have increased substantially over the last three quarters,” LE detailed, “suggesting there will be more new hotel openings in the region, compared to 2022, in the years ahead.”
LE predicts 424 new hotels will open in Europe in 2023, adding more than 61,000 rooms. These numbers are expected to drop in 2024 to 396.
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