Vacation News » Vacation & Leisure Real Estate Edition | By Michael Gerrity | February 2, 2009 10:31 AM ET
(News Source: STR Global)
London, England -- STR Global gave its first review of the international hotel market for 2008
James Chappell
Within Europe the annual percentage change in revenue per available room 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.
Selected European cities RevPAR percentage change 2008 (local currency)
RevPAR % change RevPAR % change RevPAR % change RevPAR % change €87 +10.5% €61 -9.2% €48 -6.5% €65 +2.6% £107 -5.1% £101 -10.3% £85 -3.6% £101 +2.5% €120 +3.0% €86 -8.1% €98 -6.6% €104 +4.5% €100 -18.0% €73 -34.3% €48 -16.8% €94 -10.3% CZK 2062 -34.9% CZK 1319 -29.0% CZK 1230 -28.2% CZK 1736 -23.6%
October 08
November 08
December 08
Year-end 2008
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.
Selected Middle Eastern cities RevPAR percentage change 2008 (local currency)
|
October 08 |
November 08 |
December 08 |
Year-end 2008
| ||||
RevPAR |
% change |
RevPAR |
% change |
RevPAR |
% change |
RevPAR |
% change | |
|
AED 1228 |
93.5% |
AED 1424 |
72.8% |
AED 770 |
8.9% |
AED 891 |
40.4% |
|
EGP 668 |
33.0% |
EGP 652 |
-5.8% |
EGP 482 |
-26.6% |
EGP 588 |
8.1% |
|
AED 1206 |
17.7% |
AED 1208 |
-15.5% |
AED 771 |
-25.9% |
AED 918 |
-2.2% |