LONDON—The Europe hotel development pipeline comprises 734 hotels totalling 122,423 rooms, according to the February 2011 STR Global Construction Pipeline Report.
“Russia and two of the CIS states have the largest expected room growth compared to the existing supply”, said Elizabeth Randall, managing director of STR Global. “Russia’s secondary markets have become a focus for hotel development, as international players move farther afield than Moscow and St Petersburg. Azerbaijan and Kazakhstan have only recently seen more interest and hotel development activities; their existing supply is more limited compared to other hotel markets, which gives more room for growth for new projects in these countries”.
Among the countries in the region, Azerbaijan will report the largest increase in existing supply (41.2 percent) if every one of the 1,196 additional rooms in its total active pipeline open. Other countries to expect significant increases in existing supply include: Russia (+19.3 percent with 14,817 rooms); Kazakhstan (+13.9 percent with 684 rooms); United Kingdom (+7.7 percent with 36,969 rooms); and Poland (+5.3 percent with 2,652 rooms).
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