STR: Berlin hotels post record-breaking year
Berlin’s hotel industry reached its highest levels in occupancy and revenue per available room (RevPAR) despite the uncertainty around an economic recession, according to 2019 data from STR.
Thanks to healthy demand growth and a lack of significant supply increases, occupancy rose 1.5% to 79.2%, driving RevPAR growth of 1.4% to EUR78.87. Average daily rate (ADR), on the other hand, fell slightly (-0.1% to EUR99.53).
“Berlin has become, after London and Paris, one of the most popular leisure destinations in Europe,” said Christian Strieder, STR’s country manager DACH. “At the same time, the German capital has also grown in popularity for MICE (meetings, incentives, conferences and exhibitions) business.”
According to STR analysts, a number of events were key in the German capitals’ performance.
January showed the market’s highest year-over-year increase in occupancy (+11.1%), thanks in part to Berlin Fashion Week (15-18 January 2019) and International Green Week Berlin (18-27 January 2019). May was the top growth month in ADR (+8.0%) and RevPAR (+15.2%), due in part to the Airlift Festival on the occasion of the 70th anniversary of the Berlin Airlift (12 May 2019).
In February, Berlin recorded increases in occupancy (+3.4%) and RevPAR (+6.6%). STR analysts tied the performance to the 69th annual Berlin International Film Festival (7-17 February 2019).
On 9 November, Germany celebrated the 30th anniversary of the fall of the Berlin Wall. During the celebration weekend (8-10 November), the market reported two nights with double-digit RevPAR gains.
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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