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November 2019: mediocre results for European hoteliers

Mostly stable hotel performances take shape across Europe, with a few exceptions. Average daily rates continue to progress more rapidly than occupancy.

Europe experienced a mediocre November. Across all segments occupancy was mostly stable, achieving average growth of +0.6 percentage points. Average daily rates increased by +2.7% on average, resulting in an overall RevPAR up +3.6%.

Evolution in the budget, economy and midscale segments remained neutral, with respective change of +0.1 pt (6.1%), +0.2 pt (72.8%) and +0.9 pt (73.1%). The midscale hotel segment surpassed the benchmark +1.0% growth in OR to achieve an even better result (74.4%).

The upper and lower ranges increased their prices the most, by +3.0% (138.90€ ex-tax) and +3.1% (50.60€ ex-tax) respectively. The average daily rate (ADR) for the midscale increased +2.4% to reach 94.10€ ex-tax and economy by +1.9% to reach 73.70€ ex-tax.

The best evolution in RevPAR goes to the upscale segment: +4.4%, or 103.30€ ex-tax. At the other end, the economy segment achieved the slowest progression, although it is nonetheless positive at +2.1% (53.60€ ex-tax). The budget and midscale are positioned in between the two, with the first posting a RevPAR swelling by +3.3% (33.50€ ex-vat) and the latter by +3.7% (68.80€ ex-tax).

Thus, most countries gain market shares. Only a few exceptions persist, such as the United Kingdom (-0.2 pts) particularly because of Brexit, Belgium (-0.6 pt), Austria (-2.0 pts) and Latvia (-4.2 pts).

Three of these markets successfully boost their ADR: Belgium (+1.1%), Austria (+2.0%) and the United Kingdom (+0.9%), but only two of them achieve a positive RevPAR: Belgium (+0.3%) and UK (+0,6%).

Latvia, meanwhile saw its ADR drop (-6.8%) such that its revenue per available room fell drastically by -12.8% (biggest drop in the in the panel) to settle at 34.40€ ex-tax. Austria also experienced a drop in its RevPAR by -0.5% to 76.50€ ex-tax.

On the contrary, Hungary sur-performed this  month, battant beating all performance records. The OR increased by +4.5 points, and the ADR and the RevPAR both experienced double-digit growth: ADR +10.1%  and RevPAR +16.7%. This success is particularly due to several events held in November, such as the Feast of St. Martin of Tours (one of the patron saints of Hungary) on November 11, when a wine and goose festival is held in his honor each year.

Several other countries experienced success. Italy gained +2.1 percentage points for its OR (74.4%), and took the opportunity to increase its ADR +6.4% (107.00€ ex-tax) leading to a RevPAR flirting with double-digit growth (+9.6%) to reach 79.60€ ex-tax. Despite the Biennale organized from May to November, Venice saw its OR drop (-2.8 pts), which also happened in Rome (-0.3 pt) and Bologna (-3.9 pts). Florence, instead, met with triumphant success with an OR up +6.7 percentage points).

The Netherlands (+2.1 pts), the Czech Republic (+2.5%) and Greece (+2.6 pts) also saw their occupancy rates increase with respect to November 2018. Thanks to increases in their ADR, their RevPAR experienced fine growth by +4.9%, +9.6% and +6.2%, respectively.

Finally, several markets experienced relatively neutral growth: Germany (+1.7 pts), Spain (+0.5 pts), Portugal (+0.4 pts), France (+0.1 pts), Poland (+0.3 pts) and Luxembourg (1.5 pt). Most have mostly stable RevPARs. Only three countries succeed at increasing their revenue per available room: Germany (+8.0%), Portugal (+6.6%) and Luxembourg (+4.4%).

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