- Copenhagen sees record quarterly supply growth
- Lisbon reports first quarterly ADR decrease since Q1 2014
Euro constant currency, Q3 2019 vs. Q3 2018
Occupancy: +0.6% to 79.1%
Average daily rate (ADR): +1.1% to EUR121.36
Revenue per available room (RevPAR): +1.7% to EUR95.95
Local currency, Q3 2019 vs. Q3 2018
Occupancy: -1.3% to 87.7%
ADR: +0.4% to DKK1,097.62
RevPAR: -0.9% to DKK963.03
The markets 8.1% increase in supply was the largest for any third quarter in STRs Copenhagen database. Demand (+6.7%) also grew a healthy pace, mitigating the pressure on occupancy levels. According to Oxford Economics, Copenhagen welcomed a record number of visitors in 2018, and that number is set to increase in the coming years. STR analysts note the importance of growth in visitor arrivals and hotel demand as Copenhagen is expected to add an additional 5,281 rooms by 2022, according to STRs AM:PM database.
Occupancy: -1.9% to 84.3%
ADR: -1.1% to EUR128.45
RevPAR: -3.0% to EUR108.28
The market reported its first ADR decrease for any quarter since Q1 2014. According to Oxford Economics, while tourism arrivals to Lisbon have reached record highs, year-over-year growth has been minimal (+0.4% in 2018) in comparison with previous years. STRs AM:PM database shows that the projected room openings through 2022 represent 15% of Lisbons existing supply.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
Logos, product and company names mentioned are the property of their respective owners.