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June 2014 Performance of Hotels in Europe

Travel News Asia Videos Podcasts Latest Travel News Asia Thursday, 24 July 2014
 

According to data compiled by STR Global, the European hotel industry posted mixed results in year-on-year metrics when reported in U.S. Dollars, Euros and Great British Pounds for June 2014.

Highlights from key market performers for June 2014 include (year-on-year comparisons, all currency in Euros):

- Athens, Greece, rose 19.9% in occupancy to 88.2%, reporting the largest increase in that metric. Bucharest, Romania, followed with an 11.3% increase to 74.5%.

- Moscow, Russia (-12.4% to 67.7%), and Frankfurt, Germany (-11.5% to 65.7%), posted the largest occupancy decreases.

- Copenhagen, Denmark (+16.4% to EUR142.62), and Edinburgh, Scotland (+11.6% to EUR117.89), reported the only double-digit ADR growth during June.

- Lisbon, Portugal, fell 15.0% in ADR to EUR90.64, posting the largest decrease in that metric.

- Three markets experienced RevPAR growth of more than 10.0%: Athens (+31.1% to EUR108.10); Copenhagen (+23.5% to EUR128.57); and Edinburgh (+10.3% to EUR103.95).

- Geneva, Switzerland, fell 13.3% in RevPAR to EUR185.96, reporting the largest decrease in that metric.

Year-to-date June 2014, Europe’s occupancy rose 2.1% to 66.0%; ADR, in Euro terms, grew 2.4% to EUR103.90; and RevPAR increased 4.5% to EUR68.59.

“Year to date, the region is growing on par for both occupancy and ADR, achieving a 4.6% growth in RevPAR, when measured in constant currency terms in Euros,” said Elizabeth Winkle, managing director of STR Global. “Looking at the four sub-regions, Northern and Southern Europe have achieved more than 7.0% growth in RevPAR, in constant currency. The only region to report negative RevPAR results was Eastern Europe (-0.9%), but this is mostly driven by a drop in occupancy of 3.8% ... As economies across Europe improve, we are starting to see the impact in the hotel industry. There are some standout performers, such as the United Kingdom, where the economy is performing well. Concerns exist, particularly in France, where the proposal of a new hotel tax is on the horizon. With recent VAT increases on hotel stays, the new tax, if passed, could have a damaging impact on hotels performance and profitability.”

STR, ADR, Pipeline, RevPAR

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