Jewel of the Italian Renaissance, the city of Florence is a favorite among the tourists.
With an economy that largely depends on tourism and its various cultural activities and events, the city benefits from strong international demand. Tuscany, the region where Florence is located, is a leading tourist region due to its rich cultural, wine-making, urban and coastal heritage. Florence's airport recorded more than 2.6 million passengers in 2017, up 5.7% from the previous year and constantly growing over the past decade. It should also be mentioned that an airport extension project has been approved by local authorities.
In 2017, the RevPAR offset the strong growth that occurred in 2015 (+5.7%) with a slight -1.2% drop to 99.8€, below the symbolic threshold of 100€ (Incl. taxes) . This decrease in RevPAR is linked to the fall in OR (-2.3 points to 71.9%) while the ADR continued to grow (138.8 €, +2%).
With 3,494 rooms on January 1, 2018, Florence registers a +7.6% in chain supply after 3 years of consecutive decline. The chain hotel supply has been decreasing for several years in a context where boutique hotels and collaborative accommodation are booming.
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