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Multiple European hotel markets post record performance

May 27, 2017 Hotel Trends No Comments Email Email

The European hotel industry reported growth in each of the three key performance metrics through the first four months of 2017, according to April year-to-date data from STR. In addition, 12 of Europe’s key markets reached record-breaking levels in year-to-date revenue per available room (RevPAR). http://www.itehcmc.com/

When reported in euro constant currency, Europe posted the following April year-to-date figures in comparison with the first four months of 2016:

  • Occupancy: +3.3% to 65.6%
  • Average daily rate (ADR): +2.5% to EUR102.82
  • RevPAR: +5.9% to EUR67.47

According to STR analysts, several factors have boosted hotel performance growth across different regions of Europe. The devaluation of the British pound has made the United Kingdom a favorable destination for many international tourists as well as domestic tourists, as travel outside of the country has become less affordable for U.K. residents. Lisbon, Portugal, has seen consistent growth since the beginning of 2016, as many tourists have chosen destinations in Portugal or Spain due to ongoing security concerns in other markets. There also has been a surge in both business and leisure travel in Eastern Europe. Budapest, Hungary, for example, benefitted from hosting several trade events earlier this year in addition to a lack of new supply entering the market.

In local currencies, the following key European markets posted their highest actual April year-to-date RevPAR levels on record (percentages indicate change from the first four months of 2016):

  • Amsterdam, Netherlands (+8.8% to EUR102.71)
  • Belgrade, Serbia (+18.7% to RSD5,190.70)
  • Berlin, Germany (+4.1% to EUR65.21)
  • Budapest , Hungary (+13.5% to HUF14,762.05)
  • Dublin, Ireland (+6.2% to EUR92.41)
  • Edinburgh, Scotland (+14.4% to GBP59.94)
  • Lisbon, Portugal (+22.1% to EUR67.31)
  • London, England (+11.1% to GBP105.80)
  • Manchester, England (+3.0% to GBP57.88)
  • Sofia, Bulgaria (+20.1% to BGN90.73)
  • Tallinn, Estonia (+14.4% to EUR39.49)
  • Vilnius, Lithuania (+9.1% to EUR35.04)

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