Vienna the standout in European hotel market, says STR research

Vienna’s hoteliers have been cheered by a swathe of big events in November driving occupancy and rates. In fact, most of Europe’s hotel industry reported positive results in the three key performance metrics during November 2018, according to fresh data from STR. Occupancy rates in Europe rose over the year to November 2018 1.7% to 71.8% and the average daily rate (ADR) was up 4% to €105.84. Revenue per available room (RevPAR) was also up 5.8% to €75.99. One of the biggest movers was Istanbul where occupancy was up 4.2% to 69.0%. ADR soared 47% to TRY468.34 (€77.25) and RevPAR rocketed 53.2% to TRY323.24 (€53.32). STR analysts attribute the jump in ADR to Turkey’s currency crisis of the last few months, with October produced the country’s highest inflation rate in 15 years. Demand (room nights sold) has also helped push performance, and Turkey is expected to reach almost 39m visitors by the end of 2018, according to the World Travel & Tourism Council. Over in the Austrian capital, Vienna posted a stunning 12.8% rise in occupancy to 82.9%; ADR up 12.1% to €101.07 and RevPAR up 26.4% to €83.78. The occupancy level was the highest for any November on record in Vienna. STR analysts note that performance was helped by a host of November events: European Utility Week 2018 (6-8 November), Energy Austria (5-6 November), the 4^th European Congress on Endometriosis, and the European Congress for Homeopathy (22-24 November). Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London. More information: str.com STR’s sample comprises 62,000 hotels and 8.4m hotel rooms around the globe.