STR reported 178,105 rooms across 1,167 hotel projects under contract for the month of July, marking a 20.0% year-over-year jump.

77,280 rooms across 499 projects were reported to be under construction during the month, up by 22.0% from figures in July 2016.

Meanwhile, five key European markets reported more than 2,000 rooms in construction phase, with Istanbul leading the pack at 4,497 rooms in 24 projects, followed by London with 4,300 rooms in 27 projects. Moscow recorded 3,602 rooms in 16 projects, while Munich posted 2,897 rooms in 13 projects. STR also noted 2,166 rooms across 12 projects in Amsterdam.

STR classifies projects in construction, planning and final planning stages as those under contract. This excludes projects that are unconfirmed.