STR: Greek hotels record + 5.5% revenue per room in first 10 months - September and July top months

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STR: Greek hotels record + 5.5% revenue per room in first 10 months - September and July top months A 5.5% increase was recorded in revenues per available room (RevPAR) by Greek hotels during the first 10 months of 2016

 A 5.5% increase was recorded in revenues per available room (RevPAR) by Greek hotels during the first 10 months of 2016 compared to last year, with the average at EUR 83.43 and the average daily room rate (ADR) increased by 3.2%, reaching 118.93 euros per room.

Occupancy was increased during the first 10 months of 2016 by 2.2% (70.1% on average).

STR data show that October was for the Greek hotel market better than the European average, but recorded lower occupancy and income.

Greek hotels saw their occupancy increase by 8.1% and reaching 71.4%, compared to 75.3% of the average occupancy of European hotels and marginally decreased by 0.4% compared to October 2015.

Average daily rate (ADRs) in Greece remained at almost the same level as last year (+ 0.5% to EUR 101.7) while in Europe they fell by 1.6% and stood higher at 113.5 euros per room.

Revenue per available room (RevPAR) in Greece during October increased 8.7% with the average income at 72.6 euros per room.

In Europe there was a decrease of 2%, but hotels have maintained the average income at higher levels (85.47 euros per room).

Occupancy in Greek hotels was worst in February, when the refugee crisis peaked  (-6,3%), while the maximum decrease in revenue per available room was registered in May (-4.1% to 79.3 euros) .

Greek hotels exhibited best RevPAR performance in September and July, with increases of 11% and 9.6% respectively (107 and EUR 125). During those months, they also reached the greatest occupancy of the year (84.4% and 83.3% respectively).

Europe hotel performance for October 2016

Hotels in Europe reported negative results in the three key performance metrics when reported in euro constant currency, according to October 2016 data from STR.

Compared with October 2015, Europe reported nearly flat occupancy, down 0.4% to 75.3%. Average daily rate (ADR) dipped 1.6% to EUR113.51. Revenue per available room (RevPAR) fell 2.0% to EUR85.47.

Performance of featured countries for October 2016 (local currency, year-over-year comparisons):

Portugal recorded its highest ADR (EUR94.78) for the month of October since 2003 as well as its sharpest year-over-year increase in ADR (+13.0%) for any October on record. Meanwhile, occupancy increased 3.0% to 77.8%. As a result, RevPAR grew 16.3% to EUR73.72. STR analysts believe that the country’s hotels have benefitted from an increase in arrivals, which could very likely be due to tourists avoiding countries with security concerns such as Turkey or France.

Slovakia posted double-digit RevPAR growth (+21.5% to EUR51.90) as a result of a 7.7% increase in occupancy to 73.7% and a 12.8% lift in ADR to EUR70.42. STR analysts note that the country’s hotels fared slightly better on weekends than weekdays during the month and attribute overall performance to a rise in international tourism.

The United Kingdom saw a 1.8% decline in occupancy to 80.9%. The decrease came in comparison with a record-high occupancy level for an October (2015), when the UK hosted major events like the Rugby World Cup. ADR dropped 2.9% in October 2016 to GBP91.84, and RevPAR dipped 4.7% to GBP74.29. Overall, the UK’s supply continued to grow, up 1.9% in October, while demand was flat.

Performance of featured markets for October 2016 

Budapest, Hungary, posted its highest occupancy level for an October on record with a 15.5% increase to 87.7%. October also brought Budapest’s fourth highest actual ADR for any month since 1996, with an 8.8% rise to HUF27,939.28. As a result, RevPAR grew 25.6% to HUF24,515.18. According to STR analysts, the market has thrived as an affordable and popular destination.

Sofia, Bulgaria, registered an actual occupancy level of 76.3% (+10.1%), the first time since October 2004 that the market achieved an occupancy level higher than 70%. The market also recorded its highest actual ADR (+9.0% to BGN148.48) since November 2009, and RevPAR grew 20.0% to BGN113.26. According to STR analysts, an increase in the number of flights from low-cost airlines such as Ryanair and Wizz Air has significantly helped hotel performance. Occupancy increased 11.4% on weekends, suggesting a large amount of leisure travel.

Zurich, Switzerland, continued to struggle, reporting an ADR of CHF217.24 (-6.0), the lowest actual ADR for an October in the market since 2004. Meanwhile, occupancy grew 0.5% to 74.4% and RevPAR dropped 5.5% to CHF161.53. STR analysts note that Zurich’s performance has been affected by a decline in business travel, as occupancy was down 1.4% during weekdays in October. ADR, on the other hand, declined across both weekdays and weekends.

View the October 2016 global hotel review here.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

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