"The numbers are very strong, certainly the best this decade," LE president Patrick Ford tells GlobeSt.com. Ford says the report represents the first time the scope of the European hotel construction market has been quantified, making it difficult to say how the pace stacks up to previous cycles, but he adds the sheer volume would suggest the number of projects is substantially above normal.

"Every developer seems to want to 'catch the curve' this cycle," adds Ford, who attributes the activity to economic growth, available capital and the resurgent lodging industry. "The next few years appear quite opportunistic for lodging development, with one critical proviso--that there is no substantial change in the political or economic horizon."

According to LE, there are 513 projects being pursued in the 40 European countries, 59% of which are already under construction. Those 302 hotels contain 52,580 rooms, while another 74 projects representing 13,830 rooms are scheduled to break ground during the next 12 months. The remaining 137 projects that would produce 26,989 rooms are described by LE as being "in various stages of early planning."