A survey of 417 European hotel executives by international law firm DLA Piper has revealed weak industry confidence and dealt a blow to hopes of recovery this year.
The hotel business in New York City has begun to turn the corner as Sean Hennessey, CEO of Lodging Advisors, told the Greater New York Chapter of the Hospitality Sales & Marketing Association International (HSMAI) that based on an analysis of STR data, he forecasts that New York City hotel RevPAR turned positive in February 2010, the first time since September 2008.
In year-over-year measurements, the industrys occupancy ended the week with a 4.0-percent increase to 54.9 percent. Average daily rate dropped 3.0 percent to finish the week at US$96.05. Revenue per available room for the week was up 0.9 percent to finish at US$52.75.
In year-over-year measurements, the industrys occupancy decreased 0.4 percent to 55.3 percent. Average daily rate fell 0.9 percent to finish the week at CAD$125.36. Revenue per available room for the week dropped 1.3 percent decrease to CAD$69.36.
This is a tough time for the accommodation industry. Tourism and business travel are down significantly as consumers and businesses have tightened their budgets due to job losses and slower business activity. On the top of that, the high exchange rate makes Canadian destinations more expensive for foreigners and encourages Canadian to travel abroad. As the economy begins to improve this year, so too will the fortunes of the industry.
From February to March 2010, the average price of hotels in Europe stayed constant at 93 pounds. Compared to March 2009’s average of 100 pounds a night, this represents a seven percent drop. Prices in 34 of the top 50 European cities also decreased in comparison to last year. In contrast, prices in London have increased by six percent. These are the findings of the trivago Hotel Price Index (tHPI) which is published monthly by the hotel price comparison site www.trivago.co.uk.
In year-over-year measurements, the industrys occupancy ended the week with a 2.5-percent increase to 55.3 percent. Average daily rate dropped 4.7 percent to finish the week at US$96.06. Revenue per available room for the week fell 2.3 percent to finish at US$53.15.
In year-over-year measurements, the industrys occupancy increased 3.4 percent to 58.4 percent. Average daily rate increased 13.2 percent to finish the week at CAD$140.65. Revenue per available room for the week rose 17.0 percent to CAD$82.16.
Economic research firm e-forecasting.com, in conjunction with Smith Travel Research, announced the U.S. Hotel Industry Leading IndicatorHILedged down 0.2 percent in January, the first monthly decrease after nine consecutive months of increases for the indicator. HIL went up 1.4 percent in December.
The health of Indias hotel industry is returning as data from STR Global, the leading provider of market information to the global hotel industry, shows a concerted upward trend and recent positive year-on-year growth in revenue per available room (RevPAR).