Published on : Saturday, June 21, 2014
“Greece reported one of the highest occupancy growth rates, increasing 31.0 percent to 70.3 percent in May”, said Elizabeth Winkle, managing director of STR Global. “Year to date, Greece’s occupancy increased 20.2 percent, one of the highest increases for the region. It is nice to see healthy increases from Greece as there is a return of demand in the country.
“Portugal also reported strong increases in May, as Lisbon hosted the UEFA Champions League Final on 24 May. Lisbon’s ADR grew by 14.8 percent to EUR87.78. In May 2013, London hosted the Champions League Final, which resulted in decreases in both occupancy (-1.8 percent to 84.5 percent) and RevPAR (-2.1 percent to GBP119.27) for May 2014. London’s supply increased 1.8 percent, while demand remained flat compared with last year”.
Highlights from key market performers for May 2014 include (year-over-year comparisons, all currency in Euros):
* Athens, Greece, rose 36.6 percent in occupancy to 83.0 percent, reporting the largest increase in that metric. Bucharest, Romania, followed with a 24.5-percent increase to 72.3 percent.
* Istanbul, Turkey, fell 12.3 percent in occupancy to 71.3 percent, posting the largest decrease in that metric.
* Four markets grew 15.0 percent or more in ADR: Tallinn, Estonia (+20.5 percent to EUR87.96); Lisbon, Portugal (+16.0 percent to EUR107.46); Brussels, Belgium (+15.8 percent to EUR125.38); and Manchester, England (+15.0 percent to EUR84.94).
* Six markets experienced RevPAR increases of 20.0 percent or more: Athens (+46.2 percent to EUR93.52); Tallinn (+28.2 percent to EUR66.18); Lisbon (+25.4 percent to EUR93.40); Bucharest (+22.6 percent to EUR53.06); Brussels (+21.7 percent to EUR95.36); and Manchester (+20.0 percent to EUR66.31).
* Moscow, Russia, reported the largest decrease in ADR (-13.9 percent to EUR122.14), while Istanbul experienced the largest RevPAR decline (-24.2 percent to EUR109.58).
Source: STR Global.