ASIA Travel

Hotels in Athens Report Largest Occupancy Increase in Europe - Up 27%

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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 March 2014.

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

- Athens, Greece, reported the largest occupancy increase, rising 27.0% to 58.8%.

- Istanbul, Turkey (-16.3% to 61.0%), and Prague, Czech Republic (-10.1% to 57.8%), reported the largest occupancy decreases.

- Five markets experienced double-digit ADR growth: Copenhagen, Denmark (+16.4% to EUR112.85); Manchester, England (+13.2% to EUR86.44); Vilnius, Lithuania (+13.2% to EUR54.51); Tallinn, Estonia (+10.9% to EUR71.86); and London, England (+10.0% to EUR158.39).

- Moscow, Russia, reported the largest ADR decrease, falling 17.4% to EUR124.85.

- Three markets achieved RevPAR increases of more than 25%: Athens (+32.2% to EUR50.77); Vilnius (+29.8% to EUR27.25); and Copenhagen (+29.6% to EUR71.17).

- Istanbul fell 25.1% in RevPAR to EUR77.63, reporting the largest decrease in that metric.

“Occupancy and average daily rate during the first quarter performed on par in the region,” said Elizabeth Winkle, managing director of STR Global. “Of the sub-regions, Northern Europe reported double-digit revenue-per-available-room growth in both March and throughout the first quarter. The U.K., Lithuania and Denmark are driving this growth with strong first-quarter performance. Lithuania’s strong performance is coming off low year-over-year comparisons. U.K. is reporting strong growth as its RevPAR increased 10.2% over last year when measured in pounds.”

During the Q1 2014, Europe’s occupancy rose 2.8% to 59.5%; ADR increased 2.2% to EUR98.36; and RevPAR was up 5.1% to EUR58.56.

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