Munich Hotels Report Dramatic 16 Percent Drop in RevPAR for June 2017
According to preliminary data from STR, Munich reported performance declines in June. Occupancy fell 8.2% to 75.5%, ADR decreased 8.5% to 121.03 ($138.56) and RevPAR dropped 16% to 91.36 ($104.59).
STR’s preliminary June 2017 data for Munich, Germany, indicates sizeable performance declines in comparison with a strong June last year.
Based on daily data from June, Munich reported the following in year-over-year comparisons:
- Supply: +2.4%
- Demand: -6.0%
- Occupancy: -8.2% to 75.5%
- Average daily rate (ADR): -8.5% to EUR121.03
- Revenue per available room (RevPAR): -16.0% to EUR91.36
The absolute RevPAR level would be the lowest for a June in Munich since 2011. According to Christian Strieder, STR’s in-market manager for Germany, a calendar shift for the Whitsun school holiday period from May to June this year likely affected corporate demand. In addition, the comparison base from June 2016 was high as the market hosted the World Conference on Non-Destructive Testing, a quadrennial event, and the biennial Automatica trade fair for smart automation and robotics.
STR will release actual June 2017 results later this month.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
Categories: Market Reports