European Hotel Results Improve in November
The European hotel industry posted mostly positive results in year-over-year metrics when reported in U.S. dollars, euros and British pounds for November 2010, according to data compiled by STR Global.
|ADR (U.S. dollars)||$132.02||-4.5%|
|ADR (British pounds)||£84.72||+1.1%|
|RevPAR (U.S. dollars)||$84.58||+1.6%|
|RevPAR (British pounds)||£54.28||+7.6%|
Source: STR Global
“Europe was the second region after Asia/Pacific which reported RevPAR growth in December 2009”, said Elizabeth Randall, managing director of STR Global. “Since then, we have seen monthly RevPAR improvements driven by occupancy and ADR growth. Compared to the year-to-November 2008 results, Europe’s year-to-date occupancy is just off 1.4 percentage points and the region is €8 behind year-to-date 2008. The performance of key cities across Europe can be attributed to the wider economic conditions in the respective countries or supply increases. For instance, Athens, Copenhagen, Dublin, Moscow and Oslo reported year-to-date RevPAR declines, while Amsterdam, Tel Aviv and London grew the strongest this year (in local currency)”.
Highlights from key market performers for November include (year-over-year comparisons, all currency in euros):
- Istanbul, Turkey, achieved the largest occupancy increase, rising 18.1 percent to 71.0 percent, followed by Vienna, Austria (+15.2 percent to 74.4 percent), and Prague, Czech Republic (+15.0 percent to 58.2 percent).
- Athens, Greece, posted the only double-digit occupancy decrease, falling 13.3 percent to 51.7 percent.
- Zurich, Switzerland, experienced the largest ADR increase, rising 25.8 percent to EUR188.99, followed by Tel Aviv, Israel (+25.4 percent to EUR171.19), and Munich, Germany (+24.6 percent to EUR112.23).
- Budapest, Hungary, fell 7.5 percent in ADR to EUR58.83, reporting the largest decrease in that metric.
- Three markets reported RevPAR increases of more than 35 percent: Istanbul (+42.6 percent to EUR103.18); Munich (+37.8 percent to EUR80.32); and Tel Aviv (+37.8 percent to EUR136.31).
- Athens posted the largest RevPAR decrease, falling 15.3 percent to EUR51.21.
|Country||Occupancy||% change||ADR||% change||RevPAR||% change|
*percentages are increases/decreases for November 2010 vs. November 2009
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