Key Takeaways:
- Saint Petersburg achieves its highest hotel occupancy of the decade
- Tel Aviv reaches record-breaking RevPAR level
LONDON—Europe’s hotel industry reported positive results in the three key performance metrics during 2019, according to data from STR.
Euro constant currency, 2019 vs. 2018
Europe
- Occupancy: +0.4% to 72.2%
- Average daily rate (ADR): +1.8% to EUR 113.36
- Revenue per available room (RevPAR): +2.2% to EUR 81.90
Local Currency, 2019 vs. 2018
Saint Petersburg, Russia
- Occupancy: +11.1% to 67.1%
- ADR: -7.3% to RUB6,424.66
- RevPAR: +2.9% to RUB4,310.78
The absolute occupancy level was the highest of the decade in Saint Petersburg, while RevPAR increased in the market for the fifth consecutive year. The gain in occupancy was due to an 11.3% jump in demand and modest supply growth (+0.2%). According to STR analysts, ADR was lowered due to a comparison with a strong 2018 that featured the FIFA World Cup.
Tel Aviv, Israel
- Occupancy: +0.3% to 75.4%
- ADR: +2.2% to ILS935.38
- RevPAR: +2.5% to ILS705.31
The absolute RevPAR level was the highest for any year in STR’s Tel Aviv database. According to the Israeli Ministry of Tourism, the country welcome more than 4.55 million tourists in 2019, an 11% increase from 2018.
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About STR
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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