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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.
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.
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.
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.
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.
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