European Hotel Pipeline Under Contract at 274,743 Rooms in 3,035 Hotel Projects For October 2017
Five major European markets, including London, Munich, Istanbul, Moscow and Dublin, all reported more than 3,000 rooms in construction during October.
The Middle East region reported an 18.1% year-over-year increase in the number of rooms in construction in October, while Africa's number of in-construction rooms declined 11.4% from October 2016.
Each year, HVS researches development costs from our database of actual hotel construction budgets, industry reports, and franchise disclosure documents. These sources provide the basis for our range of component costs per room.