Reflecting the impact of the COVID-19 pandemic, Europe’s hotel industry reported unprecedented performance lows during March 2020, according to data from STR.
Euro constant currency, March 2020 vs. March 2019
• Occupancy: -61.6% to 26.3%
• Average daily rate (ADR): -8.1% to EUR96.13
• Revenue per available room (RevPAR): -64.7% to EUR25.27
The absolute occupancy and RevPAR levels in Europe were the lowest for any month on record.
Local currency, March 2020 vs. March 2019
• Occupancy: -90.8% to 6.2%
• ADR: -22.0% to EUR89.60
• RevPAR: -92.8% to EUR5.52
The absolute occupancy, ADR and RevPAR levels were the lowest for any month in STR’s Italy database. Key markets in the country, Rome and Milan, each reported absolute occupancy below 10.0% at 6.6% and 4.0%, respectively. The country’s downward trend in occupancy began in late February.
• Occupancy: -50.8% to 36.5%
• ADR: -9% to GBP79.49
• RevPAR: -55.3% to EUR28.99
The absolute occupancy and RevPAR levels were the lowest for any month in STR’s U.K. database. At the market-level, London’s occupancy fell 60.0% to 32.7%.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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