Global hotel development has reached a record high with nearly 16,000 projects currently in the “pipeline”, according to industry analyst Lodging Econometrics (LE).
LE said in its latest trends report that there were 15,820 hotel projects in various stages of development around the world at the end of 2024, which would add nearly 2.5 million rooms globally, with Europe accounting for around 10 per cent of these new properties (1,661) and rooms (244,464).
The US accounts for around 40 per cent of all hotel developments with just under 6,400 projects, while China’s share of the global pipeline is 24 per cent at around 3,800 new properties.
India is seeing “notable growth” in hotel development, added LE, where the number of projects has increased by 35 per cent to nearly 700 developments over the past year.
The list of the top five countries for hotel development globally is rounded out by Canada in fourth place with 333 projects followed by Saudi Arabia (316 properties).
The top European market at the end of 2024 was the UK with 286 projects, which would add a total of more than 40,000 rooms. Germany was in second place (161 hotels), followed by Turkey, France and Portugal.
London continues to be the top city in Europe for planned new hotels with nearly 80 projects in the pipeline, followed by Istanbul with just under 50 hotels, Lisbon (35 properties) and then Dublin (24 projects).
LE estimated that 289 hotels opened across Europe in 2024, which collectively added a total of nearly 39,000 rooms. The number of European openings is expected to increase by around 18 per cent to 342 new properties this year across the continent, adding an estimated 48,500 extra rooms.