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Positive Performance of European Hotel Industry in November 2018
This year has been generally good for the hospitality industry of Europe, and November is no exception. The key performance data for this month shows that many destinations were able to reach significant improvements and positive results. This is really good news in the wake of the holiday season that is usually strong across Europe.
Here are the top three metrics of hotels in Europe in November 2018 vs. November 2017. The occupancy added 1.7% to 71.8% in total, while the average daily rate (ADR) was growing as well and grew by 4.0% to 105.84 euro. Revenue per available room (RevPAR) was, naturally, growing correspondingly and added 5.8% to 75.99 euro.
Of course, some destinations performed better than others. For example, November was an extremely good month for hotels in Istanbul. Occupancy added 4.2% to 69.0% in total, but this achievement is nothing compared to the growth of ADR. This metric added fantastic 47.0% to TRY468.34. Without a doubt, such enormous growth of the average daily rate boosted RevPAR significantly. The revenue increased by 53.2% to TRY323.24.
The absolute ADR has the highest achieved result for hotels in Istanbul in November. According to experts, such growth was partially caused by the currency crisis in Turkey. October was definitely a challenging month for the financial system of the country as it had to deal with the highest inflation rate in 15 years. The growing number of guests is another reason for the strong performance. By the end of this year, Turkey plans to greet as many as 39 million visitors.
Another European capital, Vienna, also enjoyed a strong month. The occupancy of Vienna hotels added 12.8% to 82.9% in total. ADR grew by 12.1% to 101.07 euro, and RevPAR grew by 26.4% to 83.78 euro. Vienna hotels also had the best occupancy level for November on record. The capital of Austria is, of course, a popular tourist destination, but this time a number of large events helped Vienna to enjoy such glorious results. In November, the city hosted and the European Congress for Homeopathy, European Utility Week 2018, the 4th European Congress on Endometriosis, and Energy Austria. Thanks to a large number of visitors, the capital’s hotels were able to raise their rates and enjoy even a bigger profit. The end of the year promises to be positive for Vienna, so the city is likely to meet 2019 on a positive note.
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