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Published on : Wednesday, June 24, 2015
According to STR Global analysts, a weakening Euro led to varied performance amongst Europe’s four subregions. Aided by the weakening Euro, Northern Europe and Southern Europe each reported double-digit growth in ADR and RevPAR.
Northern Europe saw a 0.4-percent increase in occupancy to 78.0 percent, a 14.1-percent rise in ADR to EUR119.06 and a 14.6-percent increase in RevPAR to EUR92.87.
Southern Europe reported a 3.2-percent rise in occupancy to 73.6 percent, a 10.0-percent increase in ADR to EUR116.84 and a 13.5-percent rise in RevPAR to EUR86.02.
Amongst countries in Europe, Slovakia experienced the only double-digit increase in occupancy, up 11.8 percent to 68.0 percent.
Israel saw the largest decrease in occupancy, down 6.1 percent to 73.5 percent. Israel also was one of four countries in Europe to post an ADR increase of more than 15.0 percent, rising 23.0 percent to EUR188.69.
The three other countries to report an ADR increase of more than 15.0 percent were: Czech Republic (+18.0 percent to EUR95.85); United Kingdom (+16.7 percent to EUR121.22); and Italy (+16.6 percent to EUR154.46).
Seven countries recorded RevPAR increases of greater than 15.0 percent: Czech Republic (+27.8 percent to EUR79.55); Italy (+20.9 percent to EUR116.98); Ireland (+18.3 percent to EUR96.37); United Kingdom (+16.8 percent to EUR96.15); Bulgaria (+16.4 percent to EUR31.42); Slovakia (+16.3 percent to EUR40.80); and Israel (+15.5 percent to EUR138.69).
Performance in the Czech Republic was lifted by the Ice Hockey World Championship held in Prague and Ostrava.
Russia reported the largest decreases in ADR (-26.8 percent to EUR86.45) and RevPAR (-22.0 percent to EUR47.22). The country continues to feel the effects of the devaluation of the Russian Ruble as well as low oil prices and government sanctions.
Highlights from key market performers for May 2015 include (year-over-year comparisons, all currency in Euros):
Source: STR Global.