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Published on : Tuesday, March 1, 2016
Compared with January 2015, Europe reported a 1.4% increase in occupancy to 54.7%, a 1.5% rise in average daily rate to EUR100.52 and a 3.0% lift in revenue per available room to EUR55.03.
Performance of featured countries for January 2016 (local currency, year-over-year comparisons):
Belgium saw a 2.1% dip in occupancy to 55.5%, but a 3.1% rise in ADR to EUR97.34 pushed a 0.9% increase in RevPAR to EUR54.04. The absolute RevPAR level was the highest for a January in Belgium since 2008. The market is showing small signs of recovery following the Paris terrorist attacks in November.
Russia posted a 2.0% increase in occupancy to 42.5% as well as double-digit growth in ADR (+11.0% to RUB5,078.63) and RevPAR (+13.2% to RUB2,158.66). The country’s hotel market has posted eight consecutive months of double-digit revenue growth. According to STR Global analysts, that streak has been helped by the weakness of the Russian Ruble and a subsequent increase in domestic tourism.
Switzerland reported decreases across the three key performance metrics: occupancy (-1.7% to 53.0%), ADR (-3.3% to CHF254.34) and RevPAR (-4.9% to CHF134.84). STR Global analysts note that performance results still reflect the Swiss National Bank’s January 2015 decision to unpeg the Swiss Franc from the Euro.
Turkey experienced a 6.2% decline in occupancy to 47.6%, but double-digit growth in ADR (+10.0% to TRY259.41) drove up RevPAR (+3.2% to TRY123.44) for the month. Compounding on a traditionally slow month in Turkey, security concerns related to recent terrorist attacks, and the close proximity to the Syrian refugee crisis kept absolute occupancy below 50.0%. Hoteliers raised rates in January with demand in decline.
Performance of featured markets for January 2016 (local currency, year-over-year comparisons):
Budapest, Hungary, posted increases in each of the three key performance metrics: occupancy (+1.8% to 48.8%), ADR (+6.3% to HUF21,745.38) and RevPAR (+8.3% to HUF10,621.66). STR Global analysts labelled the month’s performance as “good” during a traditionally slow season.
Dublin, Ireland, experienced a 7.3% lift in occupancy to 63.7% as well as double-digit growth in ADR (+19.4% to EUR104.36) and RevPAR (+28.0% to EUR66.51). Strong demand experienced in the last two years has greatly affected hotels in Dublin and allowed hoteliers to raise rates.
Tel Aviv, Israel, reported increases in occupancy (+2.9% to 58.3%) and RevPAR (+3.2% to ILS466.76). ADR (+0.2% to ILS800.02) in the market remained steady. The overall performance was average for the market’s slow season.
Belgrade, Serbia, saw substantial increases in occupancy (+55.2% to 42.0%) and RevPAR (+31.0% to RSD3,795.31). ADR for the month dropped 15.6% to RSD9,030.26. Significant supply growth (+9.3%) outpaced demand performance (+5.3%) in 2015. Absolute occupancy for January remained in line with recent months but was a significant improvement from a low base in January 2015.
Source: STR Global.