The global economic slowdown continues to have an
impact on the hotel industry, as the worlds four regions reported mixed
year-over-year and year-end results when reported in U.S. dollars, euros
and British pounds for December 2008 and year-end 2008, respectively,
according to data compiled by STR Global.
Figures for occupancy, average daily rate and
revenue per available room for 2008 range from single-digit losses
to double-digit gains, depending on the market and the currency
used for comparison.
Year-over-year highlights from key individual
markets around the globe include (all monetary figures in U.S.
dollars and all percentages are December 2008 vs. December 2007):
Largest occupancy decreases: Beijing, China (
-34.9%); Cairo, Egypt (-21%); and Buenos Aires, Argentina
(-19.1%). None of the 15 markets in the Key Market Index reported
Tokyo, Japan, reported the highest increase in
ADR (+29.4% to $249.25). Tokyo was also the only city to record an
increase in RevPAR (+16.7%).
London reported double-digit decreases in both
ADR and RevPAR, falling 26.8% and 29.6%, respectively.
Beijing experienced the greatest drop in RevPAR
(-37.5% to $38.04).
Madrid, Spain, was the only city to report
double-digit decreases in each of the three performance
measurements. It experienced a 12.4% decrease in occupancy,
an 11.4% decrease in ADR, and a 22.5% decrease in RevPAR.
Year-end highlights from key individual markets
around the globe for 2008 include (all monetary figures in U.S.
dollars and all percentages are year-end 2008 vs. year-end 2007):
With a 20.3% decrease in occupancy,
Beijing was the only city to report a double-digit decline in that
measurement. It did, however, report the highest increase in ADR
London was the only city to report declines
across the board and the only city to experience a drop in ADR. It
had a 1.6% decrease in occupancy, a 3.9% decrease in
ADR and a 5.5% decrease in RevPAR.
No city reported an increase in occupancy. The
city that experienced the smallest decrease in that measurement
was Paris, France (-0.3%). It reported increases in both ADR
(+12.9%) and RevPAR (+12.6%).
Five cities reported double-digit increases in
RevPAR. These cities include: Cairo (+15.6%); Tokyo (+13.2%);
Paris (+12.6%); Buenos Aires (+10.6%); and Berlin, Germany
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