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European Climate Seen Hospitable for New Hotels

LONDON-A report by Lodging Econometrics shows hotel construction in Europe approaching record levels.

By Joe Clements | Updated on March 19, 2007

LONDON-More than 500 hotel projects representing nearly 100,000 rooms are now in Europe’s construction pipeline, according to a new report produced by Portsmouth, NH-based Lodging Econometrics. A global specialist in lodging real estate data and analysis, LE’s inaugural European pipeline report contains an annual forecast for new hotel openings in every country on the continent during the next several years.

“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.”

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