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February 2019, results settle for European hoteliers

The month of February was satisfactory for European hoteliers, but nothing to get excited about. While the trend may be positive, average daily rates are what is driving the RevPAR up and growth is far from being spectacular. The RevPAR is up +2.2% (58.10€ ex-VAT) compared with February 2018 which proved to be more positive with growth in the overall RevPAR by +4.7%. In February 2019, the occupancy rate progressed slightly on all segments by +0.3 point while prices continued to grow by +1.8%.

Brexit is weighing on the atmosphere in Europe… filling the markets with uncertainty. In addition to the chilling effect on businesses, which are adopting a wait and see attitude, the drop in the Pound Sterling handicaps British clientele who are among the top supply markets for their European neighbors.

Once again it is the budget segment that comes out on top with a RevPAR at +4.2% (28.8€ ex-VAT) driven by slight growth in the OR (+0.7 point) an especially the increase in ADR by +3.0%. Year to date it is also the segment that performs the best with +4.4%. The budget segment posts a RevPAR of +3.4% (44.7€ ex-VAT) thanks to average daily rates up by +2.0% and an OR up by 0.9 point. The midscale loses -0.2 point in its occupancy rate, but nonetheless maintains growth in its RevPAR by +2.4% (56.20€ ex-VAT) thanks to average daily rates up +2.7%.

The upscale segment, meanwhile, remains unchanged, with a stagnating OR and average daily rate up just +1.0% for a RevPAR up +1.0% (84.4€ ex-VAT). The segment’s trend year to date, is practically identical with +2.2% growth on the ADR (versus +1.8% across the month) and +0.3 point for the OR (identical across the month).


The Czech Republic is the only European destination on the panel to report double-digit growth in its RevPAR +12.4% (36.4€ ex-VAT). This is the result of strong growth in the average daily rate (+9.7%) combined with an OR up 1.4 points.
The RevPAR in Poland is up +7.8% (34.50€ ex-VAT) with an increase in average daily rates by +5.3% while the OR is up 1.4 points.
Austria reports good results since Fall 2018 and the best growth in OR by +2.7 points. Prices continue to climb at hotels by +2.2%. Thus, the RevPAR posts growth by +6.8% (55.70€ ex-VAT) while it was already up by +20% in February 2018 compared with February 2017.

Luxembourg, Belgium and Hungary all post RevPARs up by +6.7% (93.90€ ex-VAT), + 6.4% (70.80€ ex-VAT) and +6.2% (35.2€ ex-VAT) respectively. Of the three destinations, Hungary posts the best growth in occupancy with +2.2 points, followed by Belgium +1.3 points and Luxembourg +0.7 point. Brussels is the only destination in Belgiumwith an OR that is up (+2.2 points), Ghent and Liege are in the red while Antwerp’s RevPAR is stable thankd to an increase in the average daily rate.

In the middle of the table, Portugal maintains a RevPAR that is positive +2.7% (40€ ex-VAT) despite a stagnating OR. France’s dynamic is identical with +2.6% for its RevPAR (51.10€ ex-VAT) for details see France trends. Italy is also positive with +2.4% for its RevPAR (62.80€ ex-VAT) while the OR simmers at +0.6 point and average daily rates are up just +1.5%. Germany maintains a RevPAR at +2.2% with a wavering OR at +0.3 point.

The United Kingdom, the Netherlands and Spain all show growth in their RevPAR below 1%. London, Manchester, Cardiff and Leeds Bradford remain in the green while Birmingham, Edinburgh and Glasgow underperform. In the Netherlands, The Hague pulls results down while Amsterdam just barely maintains its RevPAR with a -0.6 point drop in OR. In Spain, only the upscale segment is down with a RevPAR down -2.2% and an immobile OR. 

The RevPAR in Greece lost -0.6% as hoteliers slightly decreased prices by -0.9% to maintain the OR at +0.2 point.
Finally, Latvia’s exceptional performances in 2018 (RevPAR +11.4% in February 2018 driven by the OR) are offset and its RevPAR lost -5.1% despite average daily rates maintained at +1.8%, while the occupancy rate is down by -3.7 points (the biggest drop in the panel)

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