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Record Performance of Hotels in Madrid in October 2018

October turned out to be a successful month for many European gateway cities. Madrid hotels managed to reach their record-breaking results last month, and Amsterdam hotels enjoyed a good month thanks to the calendar packed with different events. In general, the hospitality industry of Europe reached positive results in all the three main metrics. STR Global offers a performance report for the last month.

If compare the last month’s main metrics to October 2017, October 2018 was definitely a good month. Occupancy added 2.4% to 77.4% in total, and the average daily rate (ADR) was growing even faster and added 6% to EUR116.15. Naturally, with occupancy and ADR growing, revenue per available room (RevPAR) was also positive and added 8.6% toEUR89.89.

Performances of many destinations across the region were even more impressive than the metrics achieved by Europe in total. For example, Madrid hotels had an exceptionally strong month in October 2018. Occupancy added 5.6% to 85.7%, but this result is nothing if we compare it to the average daily rate that added fantastic 17.9% to EUR138.88. Thanks to this amazing ADR result, RevPAR of Madrid hotels added 24.5% to EUR119.07 in October 2018, reaching an important milestone of the city’s hospitality industry.

The absolute result of RevPAR is the higher ever achieved by the city. STR underlines that an increased demand for hotel rooms (+7.4%) is among the top reasons for success. The CPhl pharmaceutical conference that took place in the city from October 9 to 11 also helped the city to reach the record result.

Another famous European gateway city, Amsterdam, also had a positive month but its metrics are, of course, no match to Madrid. Even though the average daily rate added solid 3.2% to EUR158.87, occupancy lost 1.4% to 84.9% in October 2018. This explains why RevPAR has only a modest growth of 1.8% to EUR134.96. Amsterdam hotels could have a weak month, but several events helped to attract more guests to the city. For example, on October 16 to 18 the capital of the Netherlands hosted Helitech International, and on October 17-21 the Amsterdam Dance Event took place in the city. The Offshore Energy Exhibition & Conference, which was held on 22-24 October, also attracted many guests to the city.

24.11.2018

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