STR’s preliminary August 2016 data for Munich, Germany, indicates negative performance due to a comparison with a strong month last year.
Based on daily data from August, Munich reported the following in year-over-year comparisons:
- an increase in supply (+2.2%) and a decrease in demand (-10.4%);
- a 12.4% decrease in occupancy to 73.7%;
- a 13.5% decrease in average daily rate (ADR) to EUR120.82; and
- a 24.2%% decrease in revenue per available room (RevPAR) to EUR89.08.
Despite performance declines in August, year-to-date data through July showed that Munich’s RevPAR was up 6.2% compared with the first seven months of last year. STR analysts note that the month’s performance declines are partly due to exceptionally high absolute values in August 2015.
STR will release actual August 2016 results later this month. The August edition of STR’s Market Forecast is now available.