Rezidor revPAR slumps in H1 2009
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The Rezidor Hotel Group has announced its first half 2009 results, with an 18.8% drop in revenue per available room (revPAR) a reflection of the tough global economic conditions for the hospitality industry. Group RevPAR fell to EUR62 (US$88), from EUR77 in the first half of 2008. Occupancy levels dropped to 59.2%, down from 65.8% year-on-year. However there were signs of recovery; occupancy in the second quarter for 2009 was slightly higher than the first half average, at 63.9%.”The global recession continues to impact the hotel market and industry revPAR in Europe fell more than 20% in the first six months of the year compared to the same period in 2008. During the second quarter, the market showed signs of stabilisation in occupancy decline, while room rates continued to drop further. Rezidor has seen a less adverse impact in Norway, Sweden, the UK and South Africa than in the rest of the EMEA,” said Kurt Ritter, President and CEO of the Rezidor Hotel Group.Rezidor added 3,100 rooms in the first half of 2009, of which 87% were managed or franchised. Meanwhile the group signed 25 contracts for new hotels during the six-month period, totalling 3,100 rooms.
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