Türkiye ranks 4th in Europe for new hotel projects
A picture of hotel in Alacati, Türkiye (Biblos Photo)
Türkiye is rapidly climbing the ranks in Europe’s hotel industry, with Istanbul leading the charge as the continent’s second most active city for new hotel projects. As the country secures the 4th spot among European countries, its capital’s dynamic growth signals the nation’s increasing influence in global tourism.
Türkiye among top 4 in Europe
Lodging Econometrics’ (LE) 2024 Q2 European Hotel Construction Investment Trend Report provides a detailed overview of hotel investments across Europe. As of the first half of 2024, Europe is seeing 418 new hotel projects with a combined capacity of 64,835 rooms.
- The United Kingdom tops the list with 306 projects, followed by Germany with 178 projects and France with 120. Türkiye follows closely with 117 projects, making it the 4th most active country in Europe for hotel investments.
Zoom in: Istanbul is second among European cities
Istanbul stands out with 50 new hotel projects, placing it 2nd among European cities, just behind London, which has 76 projects. This marks Istanbul as a significant hub for hotel development in Europe, reflecting its growing appeal and strategic importance in the hospitality sector.
Number of 5-star hotels are growing in Türkiye
Türkiye’s hotel development is set to continue its upward trajectory, with 354 new hotel and tourism investment projects expected by 2026. Among these, 100 new 4 and 5-star hotels are planned to open between 2025 and 2026, further solidifying Türkiye’s position as a premier destination for global tourism.
Top 5 countries in Europe for new hotel investments
- United Kingdom: 306 projects / 43,515 rooms
- Germany: 178 projects / 28,637 rooms
- France: 120 projects / 12,831 rooms
- Türkiye: 117 projects / 17,856 rooms
- Portugal: 114 projects / 14,247 rooms
Top 5 cities in Europe for new hotel investments
- London, UK: 76 projects / 14,954 rooms
- Istanbul, Türkiye: 50 projects / 8,397 rooms
- Lisbon, Portugal: 36 projects / 4,425 rooms
- Dublin, Ireland: 26 projects / 5,012 rooms
- Düsseldorf, Germany: 24 projects / 4,448 rooms
Luxury hotels are getting popular in Europe
The report highlights that 21% of these new hotel investments in Europe are in the luxury segment. Additionally, there is a considerable focus on renovation projects, with 825 facilities across Europe undergoing renovations, adding a total of 95,519 rooms.
In the first half of 2024 alone, 128 new hotels opened in Europe, and an additional 202 are expected by year’s end, bringing the total number of new hotels for 2024 to 330.
