The devastating 7.8- and 7.5-magnitude earthquakes that hit southeastern Turkey near Syria on Feb. 6 have killed more than 36,000 people, and the death toll continues to rise. The earthquakes hit predominantly residential, non-tourist areas of Turkey, but came at a time when the country's hotel industry appeared to be fully recovered from the global pandemic.
In its first January without restrictions since 2020, Amsterdam hotel performance showed a typical season slowing from the months prior, according to preliminary January 2023 data from STR.
Global travel technology company, OYO’s UK operations announced that it has added 40 hotels to its platform and doubled its revenue in 2022 vs 2021. OYO’s network hotels also saw a 50% jump in revenue per available room (RevPar) vs 2021 and a 110% jump in revenue per available room vs Covid (2020).
A very warm welcome to this latest edition of the Horwath HTL Poland Hotels and Chains report.
The second half of 2022 saw transaction activity hampered as a result of rising costs of debt and economic instability in the UK and Global markets. Looking forward, we expect transaction volumes to see a slow start in 2023, with an uptick in activity within the second half of the year. Hotels remain an effective hedge against inflation which, combined with the return of international capital and pricing consensus, should support activity within the sector.
After an initially good start to 2022, the ongoing war in Ukraine and its consequences caused renewed unrest on the Austrian hotel investment market. Which buyer group was nevertheless active, and what domestic banks say about the current financing landscape, you can read in the latest transaction market report from hotel real estate specialist Christie & Co.
I think most of us in the UK hotel investment market will look back to early 2022 and recall positive sentiment for the year ahead and a sense of light at the end of the tunnel. In reality, the year brought in a number of headwinds for the sector; but with 2023 ahead of us could there be a glimmer of change on the horizon?
For 2022, international real estate consultancy firm Cushman & Wakefield (C&W) recorded a total hotel transaction volume of EUR 1.9 billion in Germany. This is 25 percent below the previous year's figure and falls almost 60 percent short of the 10-year average. The year was again characterised by single-property transactions, contributing approximately 85 percent of transaction volume. Only four portfolio transactions were recorded. The average transaction size was EUR 29 million.
France is set to cement itself as the most visited country in the world, according to GlobalData, which estimates that the country will attract 93.7 million international travelers by 2025. The leading data and analytics company notes that this forecast will place the country ahead of competitor, Spain, which overtook France in 2021.
London hotel average daily rate (ADR) and revenue per available room (RevPAR) came in higher than the 2019 comparable for an eighth consecutive month, according to preliminary December 2022 data from STR.
Berlin’s hotel industry reported lower performance month over month, according to preliminary November 2022 data from STR.
The Greek Villas, Greece’s leading luxury villa operator is delighted to announce that it has been acquired by luxury vacation home rental company Le Collectionist. The acquisition follows a very successful record-breaking year for The Greek Villas in 2022. Le Collectionist is pursuing its developments with acquisitions in new markets and a strengthening of its offering in the destinations it already operates.
Adventurous Journeys (AJ) Capital Partners announced today the acquisition of the Adelphi Portrush Hotel in Portrush, Northern Ireland. The property will join Marine & Lawn Hotels & Resorts, a collection of bespoke hotels located in the world’s most premier golf destinations. The hotel will continue to operate as Adelphi Portrush Hotel in its current condition through the Autumn of 2023, at which time comprehensive guest room and common space renovations will begin. The hotel is expected to relaunch as part of the Marine & Lawn Hotels & Resorts collection in late 2024.
In our latest report, Can Hotel ADRs Overcome High Inflation, we tracked the link between ADR growth and inflation over the past 50 years, focusing on hotels in London. This period included times of economic prosperity as well as downturns to help predict what hotel room rates are likely to look like going forward.
Monday 28th November saw the acquisition by Cadogan of The Draycott Hotel. Built in 1890, the striking Victorian property comprises three red-brick town houses on Cadogan Gardens in the heart of Chelsea. It will undergo a sensitive restoration before reopening as The Chelsea Townhouse, operated for Cadogan by Iconic Luxury Hotels.
Many global economies are going through a period of high inflation, brought on by macroeconomic factors such as government stimulus and global supply shocks. We have asked the questions: can rising costs be passed along to the consumer and what does the current inflation environment say about hotel pricing over the next few years?
London’s hotel average daily rate (ADR) and revenue per available room (RevPAR) came in higher than the pre-pandemic comparable, according to preliminary October 2022 data from STR.
A turbulent two years due to the pandemic proved to be the ultimate test of resilience and business continuity for hotels in Ireland. This year, however, has produced a strong recovery despite a difficult start and ongoing global macroeconomic uncertainty. Hotels in Ireland have been successful in navigating the choppy waters as evidenced by the performance recorded thus far in 2022.
Despite rapid growth and a stronger than expected rebound in demand in 2022, recovery in the UK hotel market is set to stall in 2023 in the face of continued volatility of trading conditions and rising operational costs. But, as the PwC UK Hotels Forecast 2022-2023 reveals, there are diverging fortunes for hotels in London and those in the UK regions.