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European Hotels Finally Surpass Results of 2008
TRI Hospitality Consulting states that in 2011 four of 10 European cities finally managed to surpass the levels of 2008. The final data shows that hotels in Prague, Warsaw, Paris, and Berlin reached sufficient GOPPAR growth in December.
Berlin accommodations feature the largest growth of GOPPAR of 24.5%. This has become possible thanks to the growth of 6.9% in occupancy, which estimated 68%. Even a decline in average room rate performance of 2.6% couldn’t prevent RevPAR from growth. RevPAR added 8.3% and estimated €84.40 (US$110.94). However, not all hotels in Germany show such good results – Frankfurt accommodations featured the decline of occupancy by 8.6% to 47.6% and respective decline of RevPAR (-10%) and GOPPAR (-49.5%).
Such European cities as London, Paris and Amsterdam are known as the top three hotel markets of the region. Among them the best performance showed hotels in Paris with the growth of 5.2% in TrevPAR and GOPPAR increased by 14.2%. The results of the other two cities are not so impressive. London accommodations showed a decline in TrevPAR of 1.1% and in GOPPAR of 5.8%. Hotels in Amsterdam have improved TrevPAR by 1.2% and GOPPAR by 3.9%.
Hotels in Budapest have never been distinguished by high occupancy, but the increased attention to the city due to various conferences helped to increase average room rates in the city. If in 2010 this digit estimated €84.77, in 2011 it raised to €91.89. In hotels in Prague occupancy grew by 7.5%, and RevPAR and GOPPAR increased by 15.5% and 19% respectively.
The fact that the majority of European major cities have shown growth in 2011 is certainly very optimistic. 2012 will show whether European hotel industry can strengthen this trend and show further growth.
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