Cannes raises up its head after a short, but brutal, slump at the end of 2006. In May, the city benefited from two major events that boosted the entire region. First, there was the Cannes Film Festival, which particularly benefited the hotel industry this year. It generated 150 million euros in less than two weeks for Cannes’s hoteliers and restaurants alone. This corresponds to a 5% increase over last year. To this may be added Monaco’s F1 Grand Prix, which also generated a higher than hoped for volume of reservations for local professionals. In the end, Cannes saw its occupancy rate rise by more than 2 points and its RevPAR by 6.1% over May 2006. This is falls in line with the steady growth that began at the beginning of the year. Across 12 months running, all indicators are positive with revenue per available room up by 7.6%.
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