The European hotel industry posted decreases in year-over-year results when reported in U.S. dollars, euros and British pounds for September 2009, according to data compiled by STR Global. Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison…
The European hotel industry posted decreases in year-over-year results when reported in U.S. dollars, euros and British pounds for September 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
“The hotel performance for the next few months will see a recovery over the bad fourth quarter of 2008, when the worldwide economic downturn accelerated RevPAR declines”, said Elizabeth Randall, managing director of STR Global. “September showed the lowest RevPAR drop since October 2008 as RevPAR declines have stabilised over recent months. Occupancy levels boosted RevPAR as average room rates continued their double-digit decline across Europe’s sub-regions, the exception being Western Europe, which only saw an ADR decrease of 6.5 percent”.
Highlights from key market performers for September include (year-over-year results, all currency figures are in euros):
– Venice, Italy, reported the largest occupancy increase, up 5.5 percent to 73.2 percent, followed by London, England (+3.8 percent to 84.4 percent), and Salzburg, Austria (+2.8 percent to 73.7 percent).
– Tel Aviv, Israel, experienced the largest occupancy decline, falling 20.3 percent to 62.0 percent, followed by Antwerp, Belgium (-12.9 percent to 65.4 percent), Budapest, Hungary (-12.6 percent to 67.9 percent), and Prague, Czech Republic (-12.5 percent to 66.6 percent).
– Two markets posted ADR increases: Vienna, Austria (+6.2 percent to 125.07 euros), and Geneva, Switzerland (+1.7 percent to 208.86 euros).
– Four markets experienced ADR declines of more than 25 percent: Moscow, Russia (-41.0 percent to 141.78 euros); Prague (-29.4 percent to 79.57 euros); Manchester, England (-28.3 percent to 73.86 euros); and Cologne, Germany (-25.1 percent to 91.73 euros).
– Two markets came in virtually flat in RevPAR: Geneva dropped 0.1 percent to 138.95 euros and Vienna fell 0.2 percent to 97.55 euros.
– Moscow experienced the largest RevPAR decrease, falling 42.9 percent to 101.55 euros, followed by Prague with a 38.2-percent decline to 52.99 euros.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
