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.
Berlin’s hotel occupancy came in just below the pre-pandemic comparable from July 2019, according to preliminary July 2022 data from STR.
German holiday makers are set to be back in full swing by 2024, according to GlobalData, which expects the country’s outbound travel to recover to 117.9 million tourists, surpassing 2019’s 116.1 million despite economic decline in Europe. The leading data and analytics company notes that budget-friendly travel, visits to friends and family, and non-city locations—especially in the country’s favorite holiday destination, Austria—are set to be most popular.
All of Germany’s 9 key hotel markets still suffered significantly in 2021. However, 6 out of the 9 top cities were able to record improvement in occupancies. Hotel real estate specialist Christie & Co reviews an eventful year in Germany's 9 key hotel markets Berlin, Munich, Frankfurt, Hamburg, Cologne, Dusseldorf, Stuttgart, Leipzig, and Dresden.
Amsterdam is in the province of North Holland, in the heart of the Randstad, Europe’s sixth-largest metropolitan area. The city of Amsterdam is the capital and the largest city in the Netherlands, with a population of just over 900,000 recorded in 2021. While Amsterdam is known globally for its historic canals, art museums (Rijksmuseum, Van Gogh Museum), red-light district and ‘coffee’ shops, it is also a significant European financial and business centre. More than 2,000 foreign companies have established offices in the metropolitan area, and more than 200 of these companies have headquarters in the city.
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.