The European hotel industry recorded positive yearly results in November for all metrics recorded by STR Global, with demand surpassing North America's hotel market.
Elizabeth Winkle"Throughout the recovery, North America has steadily outperformed Europe in terms of demand growth on a 12-month rolling basis," Elizabeth Winkle, STR Global's managing director, said in the report. "However, in October 2013, demand growth for Europe began to outpace the demand growth of North America and this continues in November as well."
On a yearly basis, Europe recorded a 3.2 percent demand growth in November. On the other hand, North America recorded a 2.2 percent demand growth for the same time period.
More from the European report: Y-o-Y comparisons
Three markets experienced occupancy growth of more than 15 percent: Vilnius, Lithuania (+26.5 percent to 69.6 percent); Tel Aviv, Israel (+16.4 percent to 75.1 percent); and Athens, Greece (+16.1 percent to 54.3 percent).
Istanbul, Turkey, fell 6.4 percent in occupancy to 69.0 percent, reporting the largest decrease in that metric.
Vilnius rose 42.1 percent in ADR to EUR70.25, achieving the largest increase in that metric, followed by Warsaw, Poland (39.4 percent to EUR100.43).
Moscow, Russia (-12.2 percent to EUR137.46) posted the largest ADR decrease for the month.
Four markets experienced RevPAR growth of more than 20 percent: Vilnius (+79.8 percent to EUR48.92); Warsaw (+52.3 percent to EUR78.94); Tallinn, Estonia (+26.4 percent to EUR43.67); and Copenhagen, Denmark (+20.8 percent to EUR83.32).
Istanbul fell 13.3 percent in RevPAR to EUR90.62, reporting the largest decrease in that metric.
Hotel consultant STR is reporting this week that 2015 marked the first year since 2010 in which the European hotel industry passed hotels in the U.S. in year-over-year revenue per available room (RevPAR) growth.
According to Christie + Co., the remarkable resurgence of hotel investment in Spain will continue to be a key story in 2016. This is based on their new report titled 'The Keys to the Spanish Hotel Market Recovery'.