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Tue, 25 April 2017

European Hotel Industry Reports Q1 2017 Increases in ADR, OR and RevPAR

According to data compiled by STR, the European hotel industry reported increases in each of the three key performance metrics during the first quarter of 2017.

In Euro constant currency, Q1 2017 vs. Q1 2016, Europe reported a 4.1% increase in Occupancy to 63.5%, ADR rose by 2.3% to EUR100.94 and RevPAR  jumped 6.5% to EUR64.06.

Azerbaijan, Spain and United Kingdom

Azerbaijan

in local currency, Q1 2017 vs. Q1 2016, hotels in Baku (Azerbaijan) reported an overall occupancy increase of 74.9% to 49.5%, ADR was up 25.5% to AZN171.46 and RevPAR grew by 119.5% to AZN84.85.

With one of the world’s most improved economies in 2017, rising 13 spots in the World Economic Forum’s global ranking, the Azerbaijani capital experienced massive uplifts in hotel performance in Q1. While ADR increased, exchange rate fluctuations have made the destination cheaper for many international visitors. STR analysts note that the performance growth is particularly impressive considering the market experienced significant supply growth of 18.1% in 2015 and 6.8% in 2016. Looking ahead, Baku currently has two new hotels In Construction and another pair in the Planning stage.

Spain

Hotels in Spain reported a 2.3% increase in occupancy to 67.5%, ADR rose by 4.8% to EUR100.76 and RevPAR was up 7.2% to EUR68.06.

The Compleat Angler luxury hotel in Marlow, England

March 2017 marked Spain’s 47th consecutive month of year-on-year RevPAR growth. Despite a slight slowdown in occupancy and ADR compared with January and February, Spain still posted a 3.6% increase in RevPAR in March. Barcelona was the standout market in Q1 with a 13.6% increase in RevPAR that was equal parts occupancy and ADR growth. March was a particularly strong month for Barcelona, with occupancy up 8.0% and ADR up 18.0%. Performance was boosted by the Mobile World Congress (27 February through 2 March).

United Kingdom

The United Kingdom also saw increases across all three metrics. Occupancy was up 2.6% to 70.6%, ADR increased by 4.1% to GBP83.73 and RevPAR grew by 6.8% to GBP59.12.

U.K. hotels continued a run of positive year-on-year performance that started late in 2016. March was the strongest growth month of the quarter (RevPAR: +8.3%), thanks in part to a favorable Easter calendar shift. STR analysts also attribute performance to Brexit and the devaluation of the British pound with a subsequent increase in domestic and international hotel demand.

See other recent news regarding: STR, ADR, RevPAR.

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