In terms of where hotels are compared to before the recession, in nominal terms the market is almost back at its pre-recession peak (reached during 2007) but it remains significantly behind in real terms. For example, European ADR is now only 5.7% below its pre-recession levels in nominal terms but 17.9% lower in real terms. There are 18 cities in this econometric forecast – all are important gateway cities and/or business and tourism centres and some are en route to becoming mega cities. The 18 reflect the challenges facing other cities in Europe where position on the economic and hotel cycle is crucial, and some cities are clearly better placed to grow than others. We anticipate growth in 17 out of the 18 cities in both 2014 and 2015. In this edition we give look back at 2013: give our forecast for 2014 and 2015, and provide a city by city forecast for 18 gateway cities in Europe. We also give our view on the challenges facing hotels in these locations, along our economic, travel and supply outlook, and we explore the megatrends that will be transforming hotel businesses. Download the full report at PriceWaterhouseCoopers (PDF 2.2 MB) Read also "London goes from strength to strength: Hotels forecast 2014 and 2015" at Hospitality.Net