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STR Reports August 2014 Performance of Hotels in EMEA

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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 British Pounds for August 2014.

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

Istanbul, Turkey, reported the largest occupancy increase, rising 18.1% to 77.9%, followed by Athens, Greece (+17.8% to 73.0%), and Madrid, Spain (+16.5% to 52.4%).

Moscow, Russia (-17.0% to 60.0%) reported the largest occupancy decrease.

 Geneva, Switzerland (+15.7% to EUR257.48), and Barcelona, Spain (+15.6% to EUR132.59), experienced the largest ADR growth.

 Moscow fell 18.2% to EUR92.68 in ADR, reporting the largest decrease in that metric.

 Four markets experienced RevPAR growth of more than 20.0%: Athens (+30.8% to EUR76.80); Geneva (+30.5% to EUR179.96); Madrid (+22.5% to EUR35.81)  and Istanbul (+20.7% to EUR113.84). 

“August was a strong month for Europe in terms of RevPAR growth,” said Elizabeth Winkle, managing director of STR Global. “This was primarily driven by strong performance across the sub-regions. Northern and Southern Europe reported double-digit RevPAR growth for the month. Strong demand is boosting Southern Europe’s performance, while Northern Europe’s 14.8% increase was largely driven to currency fluctuations and FX, as most of the countries in this region do not use the euro. Western Europe, which has reported muted growth thus far in 2014, saw an uptick during August despite the rainy summer season.”

Middle East/Africa

The Middle East/Africa region reported mixed performance for August 2014 when reported in U.S. dollars.

The region reported a 14.8% increase in occupancy to 64.3%, a 7.5% decrease in ADR to US$141.66 and a 6.3% increase in RevPAR to US$91.09.

Highlights among the Middle East/Africa region’s key markets for August 2014 include (year-on-year comparisons, all currency in U.S. dollars):

 Cairo, Egypt, jumped 180.5% in occupancy to 58.8%, reporting the largest increase in that metric, followed by Riyadh, Saudi Arabia (+35.1% to 48.3%), and Beirut, Lebanon (+23.0% to 59.5%).

 Nairobi, Kenya, fell 13.8% to 58.1% in occupancy, posting the only decrease in that metric. Nairobi also led the RevPAR decreases, falling 18.2% to US$81.00.

 Cape Town, South Africa (+8.7% to US$100.60), and Cairo (+8.6% to US$108.29) achieved the largest ADR growth.

 Dubai, United Arab Emirates, fell 5.6% to US$181.83 in ADR, experiencing the largest decrease in that metric.

 Six markets reported RevPAR growth of more than 20.0%: Cairo (+204.6% to US$63.65); Riyadh (+28.7% to US$103.45); Cape Town (+26.8% to US$61.46); Manama, Bahrain (+24.1% to US$110.52); Beirut (+23.2% to US$101.17); and Jeddah, Saudi Arabia (+21.2% to US$206.23).

“This month RevPAR grew 6.3%, primarily driven by occupancy growth across all sub-regions.” said Ms. Winkle. “Egypt reported strong performance for the second consecutive month, due in part to low performing comparables in 2013 when the country experienced an outbreak of violence as the military moved to clear protest camps and resulted in a period of political instability. The question remains whether this uptick is the beginning of a turnaround for Egypt.”

See other recent news regarding: Interviews, Pictures, Videos, STR, ADR, RevPAR, August 2014

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