STR Global daily figures show Q4 declines
STR Global, the hotel benchmarking leader, has given its first review of the international hotel market for 2008 in a presentation by James Chappell, Managing Director, to the audience of owners, developers, asset managers and consultants at an event held by real estate advisors Cushman & Wakefield in London.
The performance data of STR Global showed a reasonable picture for 2008 based on a strong first half year but the slowdown in demand in the last quarter was having a significant if mixed impact across Europe and the Middle East. Additionally, destinations with more mature hotel brand profiles were holding up better than others.
Within Europe the annual percentage change in revenue per available room (revPAR) for Berlin, London and Vienna fared tolerably well. However, the Barcelona and Prague markets had significant falls for the same period.
“What we are able to see is that those markets with a greater proportion of internationally branded hotels have managed to hold their rate better than others,” Chappell said.
Furthermore, the trend in revPAR decline over the last quarter illustrated the effect of the economic downturn.
Middle Eastern cities had similar variations in revPAR performance showing that the region is not immune to the global economic woes. The meltdown’s impact on the Middle East was somewhat delayed as illustrated by the figures for the change in monthly RevPAR over the final quarter of 2008. Strong recent performances in some cities allow room for further falls.
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