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Hotels in Paris, Istanbul and Budapest Feature Increased Profit

November stats for European hotels show that accommodations in Budapest, Paris and Istanbul show improved results and higher profit. Istanbul hoteliers had to face the decline in occupancy of 1.5%, but this fact hasn’t prevented them from reaching tremendous results. Room rates here increased by 17.6% and reached €193.97. Room rates in hotels in Paris and Budapest have also increased by 6.1% and 8.4% respectively. However, occupancy rates here went up as well (by 4.9% and 7.7%), making a large contribution to RevPAR (revenue per available apartment).

In November Paris reached the highest guestroom rates among European cities. The average room rate here estimated €204.06, and the occupancy of Parisian accommodations reached 81.3%. Such high occupancy is the result of several large events like the Tennis Masters. The occupancy of Hungarian capital was just 65.5%, but strong demand from the side of the corporate sector helped hotels to increase their room rates to €91.89 (in November 2010 the average room rate in hotels in Budapest estimated €84.77).

Another prominent European capital, London, shows rather weak performance in the end of this year. The occupancy fell by 1.8%, and the profit level decreased by 2.5%. Performance in October 2011 was also rather weak, so this is the first month-on-month decline during this year.

01.01.2012

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