News that the hotel construction pipelines remains healthy in Europe was welcomed by our team at Toggle Market who have over the last few months bolstered their efforts onboarding new hotel buyers and ramping up the availability of more brands onto our premier platform Toggle Hospitality.
According to the latest from Lodging Econometrics (LE), analysts report that at the start of 2021, Europe’s hotel construction pipeline increased 5% by projects and 6% by rooms year-over-year (YOY). The report states that rooms under construction are at an all-time high of 1,007 projects/164,041 rooms, an increase of 15% YOY by projects and rooms. For new projects scheduled to start construction in the next 12 months closed Q1‘21 at 482 projects/75,381 rooms, up slightly over the previous quarter, while projects and rooms in the early planning stage experienced a small drop in Q1’21, to end the quarter with 439 projects/71,101 rooms.
This is inline with our expectations as we expand our reach to European markets over the next year for hospitality buyers.
Find out how Toggle Hospitality can help you optimise your procurement today and the full range of procurement and supply chain solutions and services: www.togglehospitality.com
To read more on these statistics please visit the Lodgings Econometrics website.