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STR Global: Europe hotel results for March 2014

April 29, 2014 Statistics & Trends No Comments Email Email

The European hotel industry posted mixed results in year-over-year metrics when reported in U.S. dollars, Euros and British pounds for March 2014, according to data compiled by STR Global.

“Occupancy and average daily rate during the first quarter performed on par in the region”, said Elizabeth Winkle, managing director of STR Global. “Of the sub-regions, Northern Europe reported double-digit revenue-per-available-room growth in both March and throughout the first quarter. The U.K., Lithuania and Denmark are driving this growth with strong first-quarter performance. Lithuania’s strong performance is coming off low year-over-year comparisons.  U.K. is reporting strong growth as its RevPAR increased 10.2 percent over last year when measured in pounds”.

“On the other hand”, Winkle continued, “Israel’s performance reported ADR declines down due to the calendar shift in holy days. This also affected the overall performance for Southern Europe”.

Highlights from key market performers for March 2014 include (year-over-year comparisons, all currency in Euros):

* Athens, Greece, reported the largest occupancy increase, rising 27.0 percent to 58.8 percent.
* Istanbul, Turkey (-16.3 percent to 61.0 percent), and Prague, Czech Republic (-10.1 percent to 57.8 percent), reported the largest occupancy decreases.
* Five markets experienced double-digit ADR growth: Copenhagen, Denmark (+16.4 percent to EUR112.85); Manchester, England (+13.2 percent to EUR86.44); Vilnius, Lithuania (+13.2 percent to EUR54.51); Tallinn, Estonia (+10.9 percent to EUR71.86); and London, England (+10.0 percent to EUR158.39).
* Moscow, Russia, reported the largest ADR decrease, falling 17.4 percent to EUR124.85.
* Three markets achieved RevPAR increases of more than 25 percent: Athens (+32.2 percent to EUR50.77); Vilnius (+29.8 percent to EUR27.25); and Copenhagen (+29.6 percent to EUR71.17).
* Istanbul fell 25.1 percent in RevPAR to EUR77.63, reporting the largest decrease in that metric.

During the first quarter, Europe’s occupancy rose 2.8 percent to 59.5 percent; its ADR increased 2.2 percent to EUR98.36; and its RevPAR was up 5.1 percent to EUR58.56.

For complete media releases with tables, open the attached Word document.

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