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Published on : Friday, May 29, 2015
All four of Europe’s sub regions reported positive year-over-year results in each of the three key performance metrics when reported in Euros.
Northern Europe saw double-digit growth for ADR (+16.0 percent to EUR113.72) and RevPAR (+16.8 percent to EUR83.95) when compared to April 2014.
Southern Europe (+10.2 percent to EUR76.35) also experienced a double-digit increase in RevPAR.
Eastern Europe recorded the highest occupancy increase, up 6.6 percent to 60.1 percent.
Amongst countries in Europe, Bulgaria experienced the largest increases in occupancy (+62.0 percent to 55.8 percent) and RevPAR (+74.2 percent to EUR35.72). ADR in Bulgaria also rose 7.6 percent to EUR63.98 as the country experienced stronger growth outside its capital city, Sofia.
Eight additional countries experienced RevPAR increases of more than 15.0 percent when reported in Euros: Ireland (+25.0 percent to EUR78.45); Poland (+19.5 percent to EUR43.53); the United Kingdom (+17.6 percent to EUR88.80); Lithuania (+17.6 percent to EUR31.94); the Netherlands (+17.3 percent to EUR91.78); Croatia (+17.0 percent to EUR26.05); Israel (+16.9 percent to EUR152.09); and Belgium (+15.6 percent to EUR82.32).
Ireland has seen several international corporations relocated to within its borders over the last two years as the country’s tax breaks have led to a new level of government income.
Israel recorded the highest increase in ADR when reported in Euros, up 25.5 percent to EUR221.57. The country also experienced the largest decline in occupancy (-6.9 percent to 68.6 percent). Low interest rates have encouraged consumer and external demand growth in Israel.
Two other countries posted ADR increases of more than 15.0 percent: the United Kingdom (+18.0 percent to EUR116.20) and Ireland (+16.1 percent to EUR99.62).
Russia experienced the largest decreases in ADR (-9.6 percent to EUR85.76) and RevPAR (-9.1 percent to EUR43.85). The country’s performance was affected by drops in oil prices and the continued devaluation of the Russian ruble.
Highlights from key market performers for April 2015 include (year-over-year comparisons, all currency in Euros):
Source: STR Global.