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.
This newsletter provides a snapshot of the performance and outlook of the Greek hotel industry, within the broader context of the international hospitality industry as well as of Greek tourism and Greek socio-economic developments.
The municipality of Cortina d’Ampezzo, also referred to as only “Cortina”, is part of the Province of Belluno, in the Veneto region, in northern Italy. The town is located in the southern Dolomitic Alps, in the centre of the Ampezzo valley, on the Boite River. With 5,649 inhabitants, Cortina d'Ampezzo is the eight most populous municipality of the province of Belluno. It is a renown winter and summer holiday destination, especially popular for skiing, with 120 kilometres of slopes and 38 lifts. Nicknamed “The Pearl of the Dolomites”, the town is prominent for its picturesque scenery, the fashion boutiques and the après-ski scene, being particularly popular among the jet-setters and the Italian aristocratic society.
As the seventh-largest city in Germany, Düsseldorf is predominantly a MICE and business destination, owing to its ample supply of convention space and its proximity to many company headquarters. The city’s proximity to other German cities (such as Cologne, Dortmund and Essen), easy access to the Benelux region and its well-developed international travel network have all been contributing factors to Düsseldorf’s growth.
ALTIDO, the fastest-growing property management company in Europe has today announced a new acquisition with Sherpa joining the ALTIDO brand. This is the latest in a series of significant expansions for the company in Scotland, which is on track to exceed the 2022 budget of £13.2m revenue.
Berlin’s hotel industry reported improved occupancy and all-time highs in room rates and revenue per available room (RevPAR), according to preliminary September 2022 data from STR.
Leaders of major hotel brands speaking at the Annual Hotel Conference said that as the fundamentals of the hotel industry are normalizing, hotel owners and operators are applying lessons learned during the COVID-19 pandemic to strategies to drive demand to their properties and gain market share for the brands.
As you read this, Italy’s new government will be revealing its plans for the years ahead, with investors hoping for a continuation in the support which has bolstered the volumes finding a home in commercial real estate.
The star country music performer, Garth Brooks, has departed Dublin after completing five sold out shows at Croke Parke. In early 2022, STR utilized Forward STAR data to analyze the impact that Brooks’ arrival was due to have on local hotel demand levels. In this most recent review, we added in actualized data to understand the impact on hoteliers as fans descended to the 82,00-seater venue.
Lisbon is the capital of Portugal and one of the oldest cities in Europe in a region with approximately 3 million inhabitants. The city offers a variety of cultural, architectural and business-related attractions. The Estoril coast (west of Lisbon) – which includes Estoril, Cascais and the historic town of Sintra – is home to numerous leisure attractions. With its pleasant climate and vibrant, safe atmosphere, Lisbon continues to increase its appeal as a short-break destination.
One of Paris’s most expensive hotel suites just got even pricier. A night in the top suite at the Bristol, one of the city’s famed palace hotels, has risen by €5,000 ($4,990) as American tourists, traveling with their strong dollars, have returned en masse to the French capital.
Aligned with seasonal patterns, London’s hotel performance came in lower than the peak seen during the previous month, according to preliminary August 2022 data from STR.
Their history, cultural heritage and exceptional devotion to the art of living have won over Relais & Châteaux, which warmly welcomes these two new properties in France.
onefinestay, the leading luxury private rental brand offering the world’s finest homes and service, re-launches its Paris Home Collection, unveiling new stays in the finest addresses within the City of Light. From opulent townhouses to sleek, light-filled lofts, each home has been carefully chosen for its exceptional style, character and only prime locations—inviting families and groups of friends to find their home-from-home in the French capital.
When big-name musicians come to town, hotels usually experience a significant uplift in demand, and subsequently, command strong room rates. With the 2022 summer months drawing to a close in the northern hemisphere, European markets have been a prime example.