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Europe Sees Increase in Hotel RevPARNovember 15, 2010 By: Jena Tesse Fox
Hoteliers in Europe have seen revenue per available room (revPAR) growth accelerate each month since December last year, with September posting the strongest yet, up 16.8 percent. This enabled the region to secure a 9.5 percent revPAR rise year-to-September to $87, compared to $78 during the same period in 2009. Occupancy was the main driver of growth, up 5.6 percent to 64.2 percent (60.8 percent in 2009) while average room rates declined slightly, falling just short of the $135 mark.
Commenting ahead of the Deloitte European Hotel Investment Conference in London on Wednesday, Alex Kyriakidis, global managing partner of Tourism Hospitality & Leisure at Deloitte, said: “The hotel industry has always mirrored the global economy and the past few years have been no different. As economic recovery in the emerging economies accelerates, Europe is growing albeit at a more sedate pace. This trend has also been apparent in the hotel industry, with European revPAR growth lagging recovery in Asia Pacific by 12 months. Although revPAR growth has been accelerating across the region since the end of last year, there is some way to go.”
Growth outside the Eurozone (in euros) posted double-digit growth of 11.2 percent to $88 year-to-September (compared to $78 in 2009). The Eurozone reported somewhat weaker growth, up 7.6 percent to $84($78 in 2009).
Cities in Germany stole the show in terms of performance, with Munich, Dusseldorf and Frankfurt each reporting revPAR growth in excess of 20 percent. Hoteliers in Germany have benefitted from the biennial trade fair cycle and many will have also seen a boost from the reduction in the rate of VAT on accommodation from the standard rate to 7 percent, introduced at the beginning of the year.
London hoteliers achieved the highest occupancy in Europe at 82.1 percent and saw revPAR leap 12.2 percent to $163 ($146 in 2009). The UK capital not only benefitted from it being a Farnborough Air Show year but also an influx in Arab travellers during the summer in the lead up to Ramadan.