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STR Global releases global hotel performance results for Europe March 2010

STR Global releases global hotel performance results for Europe March 2010

The European hotel industry posted generally favourable results in year-over-year metrics when reported in U.S. dollars, euros and British pounds for March 2010, according to data compiled by STR Global.

“During March, Europe posted its first ADR increase (in euro terms) since July 2008”, said Elizabeth Randall, managing director of STR Global. “Average rates across the continent rose 0.9 percent to EUR94.

“The first quarter finished with RevPAR improvements in every European sub-region, boosted mainly by improving occupancy levels”, she continued. “However, average room rates still continue to be under pressure in Eastern and Southern Europe for the quarter, highlighting the widespread economic difficulties in these countries.”

Highlights from key market performers for March include (year-over-year comparisons, all currency in euros):

* Tel Aviv, Israel, reported the largest increases in all three key metrics: Occupancy rose 41.2 percent to 75.2 percent, ADR increased 19.2 percent to EUR176.07, and RevPAR jumped 68.4 percent to EUR132.34.
* Salzburg, Austria, followed Tel Aviv with a 28.4-percent occupancy increase to 60.2 percent.
* Gothenburg, Sweden, posted the largest occupancy decrease, falling 12.1 percent to 55.3 percent, followed by Oslo, Norway, with a 9.8-percent decrease to 56.3 percent.
* Four markets, other than Tel Aviv, experienced ADR increases of more than 10 percent: Munich, Germany (+12.3 percent to EUR98.39); Malmo, Sweden (+11.5 percent to EUR90.33); London, England (+11.0 percent to EUR132.69);and Geneva, Switzerland (+10.7 percent to EUR254.12).
* Cologne, Germany posted the largest ADR decrease, falling 18.3 percent to EUR94.95, followed by Prague, Czech Republic, with a 14.0-percent decrease to EUR65.35.
* Four markets, other than Tel Aviv, experienced RevPAR increases of more than 20 percent: Salzburg (+40.7 percent to EUR42.62); Munich (+34.3 percent to EUR68.89); Barcelona, Spain (+23.9 percent to EUR65.70); and Geneva (+21.9 percent to EUR183.50).
* Cologne posted the only RevPAR decrease of more than 15 percent, falling 19.8 percent to EUR61.65.