COVID-19 webinar summary: 5 key points on Turkish hotel performance, 15 September
Knowing you might not have time to watch our full webinars, we are pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk global recovery and the impacts of COVID-19 on Turkish hotels in addition to looking ahead at occupancy on the books.
Recovery varies significantly worldwide
Chinese hotel performance is near normal, while natural disasters are leading to a lift in occupancy in the U.S. Recovery presents as a mixed bag in Europe, with some markets faring better than others.
Turkey one of the Europe’s recovery leaders
Turkish hotel occupancy was 43% for the week ending 6 September, well above neighboring Greece (26% occupancy) and Bulgaria (30% occupancy).
Strong recovery for the Turkish Riviera
While occupancy is nowhere near 2019 levels in Istanbul or the Turkish Riviera, the latter has experienced a much sharper recovery as borders open and tourists return.
Currency crisis impacts rate
The depreciation of the Turkish lira may make international travel to Turkey less expensive, but the lira’s devaluation has led to a nominal increase in average daily rate (ADR).
Booking lead times remain short
While occupancy on the books remains low across Europe, data for the next two weeks is nearly 10 percentage points higher than occupancy on the books three or more weeks away, pointing to decreased booking lead times.