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Published on : Friday, July 24, 2015
Compared to June 2014, Europe reported a 4.5% increase in occupancy to 78.1%, a 5.5% increase in average daily rate to EUR122.10 and a 10.2% increase in revenue per available room to EUR95.34.
Performance of featured countries for June 2015 (local currency, year-over-year comparisons):
Finland reported mixed results in the three key performance metrics with a 1.4% increase in occupancy to 71.4%, a 0.5% decrease in ADR to EUR97.44 and a 0.9% increase in RevPAR to EUR69.59.
Italy posted a 7.4% increase in occupancy to 74.5% as well as double-digit growth in ADR (+12.3% to EUR167.62) and RevPAR (+20.5% to EUR124.81).
Romania reported positive results in the three key performance measurements: occupancy (+7.3% to 75.8%); ADR (+8.4% to RON328.63); and RevPAR (+16.3% to RON249.06). STR Global analysts note that value added tax in the country is set to decrease to 19% from 24% in 2016, a move which should further aid tourism. VAT was cut to 9% for hotel accommodation in January 2015 and, whilst too early to judge, that cut might be a catalyst for stronger performance.
Spain experienced a 3.5% increase in occupancy to 76.5%, an 8.4% lift in ADR to EUR97.58 and a 12.2% rise in RevPAR to EUR74.69. Key June events hosted in the country included the 10th International Conference on Ecosystems & Sustainable Development (ECOSUD 2015) and The International School & Conference on Network Science (NETSCI2015).
Performance of featured markets for June 2015 (local currency, year-over-year comparisons):
Athens, Greece, saw occupancy rise 3.2% to 90.5%. However, ADR in the market was down 3.8% to EUR135.04 and RevPAR decreased 0.7% to EUR122.17. Demand in the market remained strong despite the month’s uncertainty about Greece’s participation in the Euro and agreement of a third European bailout in Greece.
Lisbon, Portugal, reported a 7.7% increase in occupancy to 84.0%. The market also recorded double-digit growth for ADR (+19.8% to EUR104.26) and RevPAR (+29.0% to EUR87.58). Year-end GDP in Portugal is expected to increase by 1.7%, according to Oxford Economics.
Milan, Italy, experienced double-digit increases for each of the three key metrics: occupancy (+10.9% to 76.5%), ADR (+29.5% to EUR177.63) and RevPAR (+43.7% to EUR135.82). Expo Milano 2015 reported 6.1 million attendees through June.
Zurich, Switzerland, reported increases in occupancy (+3.2% to 83.8%) and RevPAR (+2.5% to CHF206.89). ADR in the market fell 0.6% to CHF246.74. According to STR Global analysts, hotel performance in Switzerland has fluctuated due to the unpegging of the Swiss franc, which has made the destination more expensive.
Source: STR Global.