European hotel markets post record YTD performance
Occupancy rose 3.3% to 65.6%, ADR increased 2.5% to €102.82 ($115.15) and RevPAR jumped 5.9% to €67.47 ($75.56). A total of 12 European markets reported record-breaking year-to-date RevPAR performance.
According to STR analysts, several factors have boosted hotel performance growth across different regions of Europe.
The devaluation of the British pound has made the United Kingdom a favorable destination for many international tourists as well as domestic tourists, as travel outside of the country has become less affordable for U.K. residents.
Lisbon, Portugal, has seen consistent growth since the beginning of 2016, as many tourists have chosen destinations in Portugal or Spain due to ongoing security concerns in other markets.
There also has been a surge in both business and leisure travel in Eastern Europe.
Budapest, Hungary, for example, benefitted from hosting several trade events earlier this year in addition to a lack of new supply entering the market. ■