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European Hotel Industry Shows Steady Growth in August

News According to the data provided by STR Global, in August 2010 European hotel industry has shown continuous growth and, thus, better recovery forecast. The experts state positive increases are notable in all major aspects, so we can say the industry looks pretty well comparing to the previous year. The recovery touches both business and MICE segments. This has allowed hoteliers to rebuild the average daily rates which still stay approximately 10€ below the price in August 2008. Hotels in London currently are the only exception as here we can see the highest results since 2004 (£99.33), mostly aided by the sterling’s weak exchange rate.

The highest occupancy increase in August has been shown by hotels in Frankfurt (a rise for 22.6% to 58.2%). The second place is taken by Lisbon (an increase of 19.7%, up to 77.5%), and the last one in the top three is Antwerp, which hotels show an increase of 16.8% (66.5% in total). Also three markets have shown a decrease in the occupancy level. These are hotels in Athens (7.8% down to 52.5%), accommodations in Geneva have become less crowded for 7.2% (54.3% in total), and Aberdeen shows a decrease of 6.8%.

Finally, one of the most important indexes in the hotel industry – RevPAR (revenue per available room) has distinguished the absolute leader – Stockholm (the increase of 50.8% up to €109.45). The hotels in Frankfurt have the average revenue of €51.41 (42.9% up). Accommodations in Amsterdam and Tel Aviv also show the raise of more than 30% - 34.5% (to €106.56) and 30.2% (to €196.02) subsequently.

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