Fri, 30 Nov 2018

Israel’s Hotel Industry on Track for Record-Breaking Year

According to data compiled by STR, Israel’s hotel industry is on pace for a record-breaking year with ADR as the main driver of performance.

 Through the first ten months of 2018, Israel posted an ADR of ILS806.28, which is an increase of 7.8% on the same ten months in 2017.

Israel’s occupancy was 70.1% through October (-0.4% year-on-year), while RevPAR was ILS565.26 (+7.4% year-on-year).

At the market and submarket levels, Jerusalem has been the top performer in terms of growth. Through the first 10 months of 2018, the market’s occupancy was up 5.3%, and ADR increased 12.9%. As a result, RevPAR jumped 18.9%.

The Ritz-Carlton, Herzliya. Click to enlarge.

In absolute values, Tel Aviv has shown the highest absolute occupancy (73.9%) and ADR (ILS939.40).

“Solid growth in demand that began in 2016 has given hoteliers in the country the confidence to push room rates, even as the presence of the sharing economy continues to broaden,” said Thomas Emanuel, STR’s director of business development. “Occupancy comparisons have been fairly flat thus far in 2018, but ADR increases continue to drive positive year-over-year developments in RevPAR. Over the past two years, both occupancy and ADR have been maintained at roughly 10% above the previous performance peak in the country. All of this points to a healthy marketplace overall.”

Research conducted by STR’s Tourism Consumer Insights team found that Jerusalem is the most popular among the country’s destinations. From 482 traveler panel responses, 7% have already visited the country, while 63% have heard of or are interested in visiting the country. Israel’s historic attractions are popular among potential visitors, while the perception of conflict and geopolitical instability is a primary concern.

“Jerusalem and Tel Aviv are the two cities outperforming the national average, but as another indicator of the health of the country’s hotel industry, we are also seeing growth across Haifa, Eliat and the Dead Sea,” Emanuel said.

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