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European Hotel Industry Performance in July 2009

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The European hotel industry posted mixed year-on-year results when reported in U.S. Dollars, Euros and British Pounds for July 2009, according to data compiled by STR Global.

Figures for occupancy, average daily rate (ADR) and revenue per available room (RevPAR) ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.

“Although we have yet to see any clear signs of real improvement, there is some positive news in Europe, and the figures show that not all areas are still falling,” said James Chappell, managing director of STR Global. “As we have seen all year, Europe’s four main regions have split along distinct lines, with Northern Europe trending in a more positive direction and Eastern Europe falling the most. Looking at the July numbers, specifically the year-to-date figures, we are seeing that when markets are improving, it is driven by an improvement in the occupancy numbers, whereas those markets that are still deteriorating are almost exclusively being caused by a continued drop in the rate.”

Highlights from key market performers for July 2009 include (year-over-year results, all currency figures are in euros):

• Glasgow, Scotland, was the only key market to report increases in all three key metrics. Occupancy was up 8.3% to 81.2%, ADR rose 3.2% to EUR76.52, and RevPAR increased 11.8% to EUR62.11.

• Venice, Italy, experienced the largest occupancy increase, jumping 10.3% to 69.8%.

• Four markets reported occupancy decreases of more than 10%: Budapest, Hungary (-17.1% to 56.3%); Madrid, Spain (-14.5% to 51.6%); Geneva, Switzerland (-14.2% to 65.3%); and Brussels, Belgium (-11.8% to 53.7%).

• Tel Aviv, Israel, posted the largest ADR increase, rising 16.5% to EUR171.83, followed by Geneva with a 13.5-percent increase to EUR266.63.

• Two markets reported ADR decreases of more than 20%: Moscow, Russia (-38.5% to EUR121.55) and Madrid (-21% to EUR81.84).

• Tel Aviv reported the largest RevPAR increase, up 12.8% to EUR131.52.

• Six markets reported RevPAR decreases of more than 20%: Moscow (-43.5% to EUR74.31); Madrid (-32.5% to EUR42.24); Prague, Czech Republic (-23.2% to EUR42.80); Manchester, England (-22% to EUR50.91); Barcelona, Spain (-21.5% to EUR76.47); and Birmingham, England (-20.3% to EUR38.22).

“The news from Northern Europe, which includes the U.K. and Scandinavia, is positive and trending in the right direction,” Chappell said. “After starting the year on a negative RevPAR percent change of -24%, this has improved to a 20% decrease by the end of July and has been caused by a stabilisation in the fall in average room rates combined with a rise in the occupancy numbers. On the other side of the spectrum, Eastern Europe continues to post bad news, with Eastern Europe’s year-to-date RevPAR percent change exceeding a 36% decrease even though the occupancy percent-change numbers have been steadily improving since the beginning of the year.”

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