Only 5 properties under construction right now. In AHGZ (sort of the FT of the German hospitality industry), they said they want 30 new properties by 2030 (as compared to 2022) either under construction or in the pipeline.

I can only repeat myself, over the medium term, refurbishments are key. E.g., Hyatt now has three properties in Cologne, all of which are extremely tired and in great need of refurbishment. Furthermore, I am more thrilled about genuine new Hyatt openings (such as the recently-opened HP ZRH or the two new properties for FRA) than the Lindners.

Some me and alls are nice (Dusseldorf Oberkassel is really solid, as is Ulm), while others are so-so (e.g., Dusseldorf City). But most Lindners both inside and outside Germany have a very long way to go.