Europes hotel industry reported positive results in the three key performance metrics during August 2017, according to data from STR.
Europe’s hotel industry reported positive results in the three key performance metrics during August 2017, according to data from STR.
Euro constant currency, August 2017 vs. August 2016
- Occupancy: +2.5% to 77.4%
- Average daily rate (ADR): +5.0% to EUR116.66
- Revenue per available room (RevPAR): +7.6% to EUR90.26
Local currency, August 2017 vs. August 2016
- Occupancy: +16.1% to 65.5%
- ADR: +1.5% to EUR81.48
- RevPAR: +17.8% to EUR53.35
Belgium’s performance has risen steadily since late 2016 as the country continues to recover from the March 2016 terror attacks in Brussels. Demand (rooms sold) increased 15.5% during August, while supply (rooms available) declined 0.5% year over year. Brussels posted a 26.8% increase in occupancy to 59.6%, while ADR was up 0.8% to EUR78.80.
- Occupancy: -0.7% to 86.5%
- ADR: +22.2% to HUF25,874.17
- RevPAR: +21.4% to HUF22,374.13
STR analysts note that Hungary has become a popular tourist destination in recent years, and the country’s ADR has been growing considerably since April. Although occupancy declined slightly year over year as a result of supply growth (+0.6%) and flat demand (+0.0%), the country’s actual occupancy level remained high. At the market level, Budapest reported a 1.1% decline in occupancy but a 23.1% increase in ADR for the month.
- Occupancy: +2.2% to 66.9%
- ADR: +4.6% to EUR169.39
- RevPAR: +7.0% to EUR113.32
Italy’s performance growth in August was mainly driven by the Luxury class, which reported a 9.5% RevPAR uplift for the month. Rome was the only market to report a decline in RevPAR (-11.6%) for the month, with ADR down 10.1%. STR analysts believe this was likely because the market hosted the European Society of Cardiology congress last August, but the event was held in Barcelona this year.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.