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STR reports 2008 Global Hotel Performance Statistics

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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 occupancy gains.

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 (+36%).

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 (+10.5%).

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