According to data compiled by STR Global, in
March 2009 European RevPAR fell 14% year-on-year, split between
declines in both average daily rate (ADR) and occupancy.
Northern Europe (defined by STR as
Denmark, Estonia, Finland, Iceland, Ireland, Latvia, Lithuania,
Norway, Sweden and the United Kingdom) fared better than
Southern or Eastern Europe with only a 14.3% decrease in RevPAR, driven by falling rates.
Dublin’s RevPAR dropped 27.2% due to a fall in occupancy of 12.4% and ADR, which
declined by 17%
James Chappell, managing director of
STR Global, said, “What shouldn’t be forgotten is that the first eight months of
2008 were very strong, so year-on-year comparisons are by
definition exaggerated. The reverse may well be true towards the
end of the year, and comparative results may start to stabilise
from September onwards.”
Average room rates in Dublin fell consistently in the six weeks leading
up to 11 April 2009. Occupancy held up more steadily and the
average occupancy of 57% over the same period is an
improvement on earlier in the year.
The latest monthly
Hotel Market Forecast report from STR Global which predicts market
conditions based on the most recent available economic and hotel
performance data together with advanced modeling of over 300
economic indicators, expects that Dublin’s RevPAR decline for 2009
to be in the -5 percent to -8% range, with falling
occupancy continuing to be the main culprit.
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