Europe's hotels post a new increase in their activity in March. Results are positive across all categories due to a combined increase in indicators.
March 2017: Monthly Hotel chains results by category
In March 2017, the award for best results goes to Luxembourg (RevPAR: +22.6%), where activity was driven by an average daily rate up significantly by +12.2%, followed by Greece (RevPAR: +15.8%). Greece, recently posted its first budget surplus in several months; moreover, it posted historic record international arrivals in March, with a +2.8% increase in its number of tourist arrivals across the month and a +13.5% increase since the beginning of the year according to data from the Greek national statistics service. It may be observed that Luxembourg enjoys an economic dynamic and that alongside Germany it is one of the rare European countries to receive the best credit rating (triple A) from the three leading agencies that are S&P, Moody's, Fitch, and DBRS.
Poland, Germany and Belgium post similar trends with RevPARs of +13.6%, 13.1% and 13.1%, respectively. For the first time since the beginning of the year Belgium has reported positive results. These are driven by an occupancy rate up by +8.6 points in comparison with the period following the terrorist attacks a year prior (March 22, 2016). Great Britain and Portugal also benefit from double-digit growth by +11.8% and +10.5% respectively.
Other countries experienced more moderate but positive growth in their indicators, particularly the Netherlands (RevPAR: +3.3%), Italy (+3.2%) and France (RevPAR: +2.0%). The French hotel industry also gradually confirms its recovery with an occupancy rate up by +1.8 points, compensating for the slight drop in average daily rate by -0.8%. Spain and Hungary post results that remain up by +7.4% for Hungary and +5.8% for Spain.
Only two countries posted results that were down with respect to March 2016: Austria where the RevPAR is down by -2.6% due to a strong drop in its average daily rate (-4.5%), and the Czech Republic which saw its results shrink slightly (-0.2%) due to a strong drop in average daily rate (-6.3%), because the country experienced a RevPAR up significantly in March (by +24.4%) driven by the organization of many international medical conventions in the capital.
Since the beginning of the year, European hotel professionals have experienced a strong increase in their indicators, compared with the same period in 2016. On the first three months of the year, their RevPAR is up by +7.2% thanks to the positive combination of their positive occupancy rate, up by +2.9 points, and their average daily rate, up by +2.3%. Four countries post a RevPAR up by two figures in the first quarter: Greece is in the lead (+17.9%), followed by Portugal (+15.6%), Luxembourg (+13.6%) and Spain (+10.0%). All European countries post a RevPAR that is up on this period, without exception. Despite the region's geopolitical context and the uncertainty that took shape in certain countries holding elections or the implementation of Brexit, Europe's hotel industry confirmed its position on a good trajectory nonetheless.
Already signed up? Already signed up? Already signed up? Already registered? Login!