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Wed, 28 October 2015

Hotels in Europe Report Increase in ADR, OR and RevPAR

According to September 2015 data compiled by STR Global, the European hotel industry recorded positive results in the three key performance metrics when reported in Euro constant currency.

Compared to September 2014, hotels in Europe reported a 2.3% increase in occupancy to 80.7%, a 5.4% increase in ADR to EUR123.55 and a 7.8% increase in RevPAR to EUR99.76.

Performance of featured countries for September 2015 (local currency, year-on-year comparisons):

Ireland posted a 2.5% increase in occupancy to 88.7% as well as double-digit growth in ADR (+16.9% to EUR119.63) and RevPAR (+19.8% to EUR106.06). For the month, Ireland was one of the strongest performing European countries in absolute occupancy and ADR. Demand has grown year to date by 5.3%, and occupancy in the country has eclipsed 80.0% in five consecutive months. Thanks to strong demand, ADR in Ireland has increased 15.3% year to date.

Italy reported a 9.7% rise in occupancy to 83.0% and double-digit increases in ADR (+13.1% to EUR162.86) and RevPAR (+24.1% to EUR135.13). Significant performance increases occurred in Milan, which hosted Fashion Week (23-29 September) and Expo Milano (1 May to 31 October). Absolute occupancy in the market reached 89.0%, and RevPAR increased year-on-year by 43.6%.

Russia experienced double-digit growth in occupancy (+16.5% to 69.7%) and RevPAR (+27.9% to RUB3,574.12). ADR in the country was up 9.8% to RUB5,128.55. According to STR Global analysts, the devaluation of the Russian Ruble has had a positive impact on hotels in Russia, and domestic travel has served as a main driver of growth in the industry. In addition, Sochi, a holiday destination, reported increases of 25.0% in occupancy and 40.9% in ADR.

The United Kingdom saw nearly flat occupancy (+0.3% to 85.3%) and increases in ADR (+5.5% to GBP96.46) and RevPAR (+5.8% to GBP82.27). England is hosting the Rugby World Cup (18 September to 31 October), and hotels in Cardiff, Twickenham, Newcastle and Leeds have seen the most significant RevPAR gains.

Performance of featured markets for September 2015 (local currency, year-on-year comparisons):

Bratislava, Slovakia, posted double-digit increases in occupancy (+10.2% to 76.3%) and RevPAR (+12.1% to EUR46.27). ADR in the market was up 1.7% to EUR60.62. The absolute occupancy level was the highest for any month in Bratislava since September 2007. According to Oxford Economics, Slovakias economic growth is expected to outperform the Eurozone.

Bucharest, Romania, reported increases across the three key performance metrics: occupancy (+2.7% to 79.8%), ADR (+7.4% to RON353.22) and RevPAR (+10.3% to RON281.70). RevPAR has grown year-on-year in Bucharest for 17 consecutive months.

Dublin, Ireland, saw a 2.3% increase in occupancy to 92.2% as well as double-digit growth in ADR (+17.5% to EUR122.91) and RevPAR (+20.2% to EUR113.31). For the month, Dublin ranked second amongst key European markets in absolute occupancy. While supply has remained fairly flat in the market, demand is up year-to-date by 5.9%.

Moscow, Russia, experienced double-digit increases in occupancy (+12.2% to 75.5%) and RevPAR (+16.1% to RUB4,414.00). ADR in the market was up 3.5% to RUB5,844.21. Moscow hosted two international conferences during the month: COMTRANS International Exhibition for Commercial Vehicles (8-12 September) and Textillegprom Federal Trade Fair (22-25 September). In U.S. dollar terms, ADR in Moscow has decreased 39.1% year to date, confirming to STR Global analysts that the devaluation of the Russian Ruble is providing a strong impact on hotels in the market.

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