- Prague metrics up thanks to lack of new supply
- Barcelona room rates boosted by medical congresses
Europe’s hotel industry reported positive results in the three key performance metrics during October 2019, according to data from STR.
Euro constant currency, October 2019 vs. October 2018
- Occupancy: +0.2% to +76.8%
- Average daily rate (ADR): +0.8% to EUR115.15
- Revenue per available room (RevPAR): +1.1% to EUR88.40
Local currency, October 2019 vs. October 2018
• Occupancy: +0.3% to 86.7%
• Average daily rate (ADR): +4.2% to CZK2,680.45
• Revenue per available room (RevPAR): +4.6% to CZK2,322.95
STR analysts attribute the positive performance levels to minimal supply growth. Prague’s development pipeline is modest as well with only a 2.1% increase on existing inventory expected by 2021. International arrivals have also played a part in the higher performance, as Prague welcomed 7.9 million overnight arrivals in 2018. That number is expected to grow for 2019 as a whole.
• Occupancy: -2.0% to 83.4%
• Average daily rate (ADR): +9.1% to EUR155.88
• Revenue per available room (RevPAR): +6.9% to EUR129.99
The absolute ADR level was the highest for an October in STR’s Barcelona database. STR analysts attribute the increase in performance to medical congresses held in the market, such as the United European Gastroenterology Week (19-23 October) and the European Association of Nuclear Medicine 2019 (12-16 October).
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
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