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Fri, 25 March 2016

Hotels in Europe Report 5.2% Increase in RevPAR

According to February 2016 data compiled by STR, the European hotel industry recorded positive results in the three key performance metrics when reported in euro constant currency.

Compared with February 2015, hotels in Europe reported an 1.5% increase in OR to 63.1%, a 3.7% rise in ADR to EUR102.98 and a 5.2% increase in RevPAR to EUR65.01.

Performance of featured countries for February 2016 (local currency, year-on-year comparisons):

Austria reported increases in each of the three key performance metrics. The countryís occupancy increased 2.8% to 55.0%; ADR was up 9.6% to EUR101.33; and RevPAR rose 12.6% to EUR55.74. The early months of the year are typically quiet for Austrian hotels, but rates have driven performance thus far in 2016. February ADR was the highest for the month since 1996, and absolute RevPAR was a February record. The Austria Regional market reported RevPAR growth of 27.2% for the month, which reinforces the optimistic winter forecast by the tourism and leisure department of the Austrian chamber of commerce.

Bulgaria saw double-digit growth in occupancy (+12.8% to 56.8%) and RevPAR (+21.2% to BGN84.21). ADR in the country was up 7.4% to BGN148.28. The countryís absolute occupancy level was a February record, and RevPAR reached its highest level for the month since 2006. According to STR analysts, Bulgaria seems to have become a substitute tourist destination in the Mediterranean region as Greece deals with a migrant crisis, and Turkey feels the effects of terrorist attacks.

Italy posted increases across the three key performance metrics: occupancy (+6.8% to 57.1%), ADR (+3.6% to EUR109.89) and RevPAR (+10.6% to EUR62.75). The absolute occupancy level was the highest for the country since 2006, driven by major markets such as Milan and Turin reporting occupancy above 60.0%.

Turkey experienced decreases in occupancy (-13.4% to 49.9%) and RevPAR (-9.6% to TRY120.25). ADR was up 4.3% to TRY241.14. The countryís unstable geopolitical environment and the disaffection of tourists led to the countryís lowest February occupancy level since 2009. Hoteliers maintained rate increases as the loss of demand is due to security concerns and cannot be helped with lower prices.

Performance of featured markets for February 2016 (local currency, year-on-year comparisons):

Barcelona, Spain, recorded double-digit increases across the three key performance metrics: occupancy (+14.5% to 67.8%), ADR (+53.9% to EUR152.38) and RevPAR (+76.1% to EUR103.26). February has been a slower month for Barcelona over recent years, but the shift of the Mobile World Congress from March to February boosted performance in the market to its highest levels since 2008.

Berlin, Germany, reported growth in the three key performance metrics. Occupancy increased 7.4% to 69.6%; ADR was up 6.7% to EUR99.53; and RevPAR grew 14.6% to EUR69.29. The market hosted various events during the month, including Bautec (16-19 February) and the Berlin International Film Festival (11-21 February). The absolute values for each of the three key performance indicators were a February record.

Bucharest, Romania, posted double-digit increases in occupancy (+10.7% to 61.8%) and RevPAR (+17.3% to RON208.49). ADR was up 6.0% to RON337.29. The market has experienced consistently significant RevPAR increases since June. An increase in hotel demand in the market reflects increased traffic from Qatar Airways through Bucharest Henri Coandă International Airport, and the Doha-based airline will soon further increase flights to the city.

Edinburgh, Scotland, reported a 1.1% increase in occupancy to 71.4%, a 2.7% rise in ADR to £71.56 and a 3.9% lift in RevPAR to £51.07. The absolute occupancy was a February record for Edinburgh, and RevPAR reached its highest level since 2007.

See other recent news regarding: STR, ADR, RevPAR

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