STR’s preliminary October 2016 data for Munich, Germany, indicates sharp performance declines.
Based on daily data from October, Munich reported the following in year-over-year comparisons:
- an increase in supply (+2.8%) and a decrease in demand (-1.5%);
- a 4.2% decrease in occupancy to 82.5%;
- an 8.9% decrease in average daily rate (ADR) to EUR149.93; and
- a 12.7% decrease in revenue per available room (RevPAR) to EUR123.74.
STR analysts note that Oktoberfest (17 September to 3 October) did not provide its typical boost to Munich’s hotel market this year. That may in part be due to security concerns following the shootings at the Munich Olympia shopping mall in July.
Munich’s ADR increased during various trade shows the market hosted in October, however, performance levels for most other days of the month resulted in performance declines.
STR will release actual October 2016 results later this month. The August edition of STR’s Market Forecast is now available.