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Hotels in Europe Feature Growth in 2010 After 2 Years of Decline

News Good news for hotels in Europe as after 2 years of crisis they managed to end 2010 with long-awaited growth. Average hotel value per room increased here by 1.5% and estimated €215,200. This positive trend is very inspiring as in 2008 and 2009 hotels ended up with double-digit fall of the same figure.

Hotels in Paris and London top the list of the highest values per room and occupy the first and second place consequently. The accommodations in these cities are the leaders in absolute digits as the biggest increase show hotels in Munich and Frankfurt – 15% and 19% respectively.

Economic problems in Greece have a negative impact on accommodations in the country as well. Hotels in Athens ended the year with a huge decrease of 29% in the value per room. Such situation made Athens drop in ratings from 8th place to 27th. Current value per room in this European city estimates €129,100. Among biggest raisers in the list is St. Petersburg with its increase in the value per room of 11% and, thus, the rise from the 33th place to the 10th.

According to the information provided by HVS, currently we can talk about the growth of the European hotel market in general. Only 5 local markets in the region are unlikely to show growth. Analytics also note the trend of blurring the distinction between the markets. Earlier Eastern Europe has performed poorer comparing to the hotels in Western Europe. Today this difference is not so vivid and many cities, for example, Warsaw show the same growth as major cities in the west.

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