Hotel Industry in European Region Reports 5.8 Percent RevPAR Growth for November 2017
Europe’s hotel industry reported occupancy rose 1.9% to 71.2% in November, while ADR increased 3.8% to 105.45 ($125.15) and RevPAR jumped 5.8% to 75.11 ($89.13).
Europe’s hotel industry reported positive results in the three key performance metrics during November 2017, according to data from STR.
Euro constant currency, November 2017 vs. November 2016:
- Occupancy: +1.9% to 71.2%
- Average daily rate (ADR): +3.8% to EUR105.45
- Revenue per available room (RevPAR): +5.8% to EUR75.11
The absolute occupancy level is the highest for any November in STR’s database. STR analysts note this as especially notable given several acts of terrorism earlier in the year and the added challenge of political instability in several of the region’s major markets.
When examining specific days of the week, Tuesdays (80.3%) and Wednesdays (77.8%) showed the highest occupancy rates, suggesting that corporate demand remains a strong factor in overall performance results in Europe. This was confirmed in ADR levels for the same days—Tuesdays (EUR108.83) and Wednesdays (EUR108.37) once again produced the highest absolute levels.
Local currency, November 2017 vs. November 2016
At the country level, Turkey reported the largest year-over-year increases in occupancy (+13.4% to 62.7%), ADR (+16.7% to TRY266.26) and RevPAR (+32.3% to TRY166.98).
The second-highest jump in RevPAR was seen in Portugal (+23.1% to EUR57.11).
Performance in the United Kingdom was relatively flat overall: occupancy (-1.3% to 77.6%), ADR (+1.9% to GBP93.52) and RevPAR (+0.6% to GBP72.59).
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Categories: Market Reports