LONDON and HENDERSONVILLE, Tennessee—The global hotel industry’s four regions reported mixed year-over-year results when reported in U.S. dollars, euros and British pounds for October 2008, according to data compiled from STR Global.
Figures for occupancy, average daily rate and revenue per available room range from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
“The worsening economic conditions started by the banking crisis that has affected economies across the globe have resulted in RevPAR declines in more and more regions”, said James Chappell, managing director of STR Global. “In U.S.-dollar terms, South America and the Middle East are the only two regions which reported RevPAR growth for October 2008 compared with October 2007. Even Asia Pacific has started to decline this month as business in particular has started to tighten the belt at uncertain market conditions”
Highlights from key individual markets around the globe include (all monetary figures in U.S. dollar and all percentages are October 2008 vs. October 2007):
• Largest occupancy increases: Cairo, Egypt (+12.0 percent to 85.0 percent); and Dubai, United Arab Emirates (+3.6 percent to 82.8 percent).
• Largest occupancy declines: Beijing, China (-20.0 percent to 61.8 percent); Rome, Italy (-17.5 percent to 72.4 percent); and Madrid, Spain (-13.8 percent to 71.1 percent).
• Largest ADR increases: Tokyo, Japan (+34.3 percent to $244.31); Cairo, Egypt (+25.4 percent to $133.04); and Dubai, United Arab Emirates (+20.1 percent to $375.10).
• Largest ADR declines: Sydney, Australia (-24.8 percent to $139.59); Toronto, Canada (-18.7 percent to $125.87); and London, England (-16.7 percent to $207.36).• Largest RevPAR increases: Cairo, Egypt (+40.5 percent to $113.13); Tokyo, Japan (+28.4 percent to $193.39); and Dubai, United Arab Emirates (+24.4 percent to $310.71).
• Largest RevPAR decreases: Rome, Italy (-30.5 percent to $156.22); Sydney, Australia (-27.3 percent to $111.22); and Madrid, Spain (-24.9 percent to $107.37).
“As bad headlines continue to dominate, the industry is looking ahead to 2009 with caution and hoping for a potential upswing from all of the economic recovery packages being launched in economies around the globe”, Chappell said.
For more information about this data, as well as market-specific data, please visit www.strglobal.com.
View report: Global Hotel Report - October 2008
About STR & STR Global:
For more than 20 years, Smith Travel Research has been the recognized leader for lodging industry benchmarking and research. Smith Travel Research and STR Global offer monthly, weekly, and daily STAR benchmarking reports to more than 36,000 hotel clients, representing nearly 5 million rooms worldwide. STR is headquartered in Hendersonville, Tennessee, and STR Global is based in London. For more information, visit www.strglobal.com.
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