Travelodge, the UK’s first budget hotel brand which operates approximately 600 hotels, today announces that it is acquiring six hotels, totalling 773 rooms, in Spain from Louvre Hotels Group.
Turkey has always attracted visitors with its deep-rooted history, culture and stunning scenery. Furthermore, its enhanced air connections and transportation networks have elevated its appeal for both leisure and business trips. Despite recent obstacles, like economic setbacks, inflation and currency devaluation, Turkey’s hospitality industry remains resilient.
Paris hotel bookings for the 2024 Summer Olympics are pacing above 60%, according to CoStar's latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Approximately £1.7bn of UK real estate was transacted by hotel investors in the first quarter of 2024, according to new data from real estate advisory firm Cushman & Wakefield. This represented a surge in activity to the tune of 138% versus Q1 2023.
Dublin’s hotel occupancy was helped by the Six Nations Men’s 2024 championship and St. Patrick’s Day festivities, according to March 2024 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
In 2023, the hotel transaction volume in Greater Paris reached €1.7 Billion, marking a 27% rise from 2022. The significant increase was primarily driven by The Westin Paris transaction, making up 40% of the total volume, with a price per key exceeding €1.5 million. Excluding this major transaction, the total volume would have been 23% lower than the level recorded in 2022.
Following a slow start, hotel investment activity surged in the second half of 2023, exceeding €1 Bn (+74% vs H2 2022). Total investment volumes for 2023 amounted to €1.5 billion (+1% vs 2022), reaffirming hospitality as a leading sector in the Italian real estate market. Key transactions included the acquisitions of Six Senses Rome, Aermont Pellicano Portfolio, and the sale of Blackstone’s 35% stake in HIP.
Spain was the most active hotel investment market in Europe, with €4.2Bn transacted during 2023, a 44% increase relative to 2022. Portfolio dealsrepresented more than half of 2023 volume, among which are the sale of Blackstone’s 35% stakes in HIP to GIC (63 properties out of 77 in Spain) andPortfolio Equity Inmuebles to ADIA (17 hotels). Sovereign funds and other players with less reliance on debt drove the activity.
As temperatures gradually rise in February, European hotel performances are following a similar trajectory. After a lackluster January, activity is back to its 2023 level, and well above 2022 levels. While the continent is performing relatively well, Southern Europe seems to be standing out once again, with a climate that is attracting sun-seeking travelers. Nevertheless, several Northern European countries, such as the United Kingdom and the Netherlands, are performing well.
In 2023, Greece's tourism sector flourished significantly, witnessing remarkable growth in total international arrivals, which surged by approximately 17.6% compared to 2022, as reported by the Bank of Greece, but also 4.4% higher than the pre-Covid record of 31.3 million in 2019. Moreover, the promising trend extended to the employment landscape, with unemployment rates plummeting first time since 2009 in single digit. Additionally, statistics from the Hellenic Statistical Authority (ELSTAT) reveal that turnover within the hospitality industry amounted to a substantial €10.8 billion for the period spanning January to December, which is 10.7% higher than last year. Given Greece's strong historical performance in tourism, it's anticipated that 2024 will set a new record, with tourism revenue nearing €22 billion. The surge in arrivals at Athens International Airport, reaching 95% of capacity in April 2023 and maxing out during the summer, has triggered the 33MAP expansion plan. This plan involves expanding the terminal by 81,000 square meters to accommodate 33 million passengers annually, with financing already secured. Completion is slated for 2028, while projections suggest that within the decade, the 40MAP expansion may be triggered, necessitating an increase in capacity to 40 million passengers per year.
Our latest Ireland Hospitality Marketbeat shows that from an economic perspective, the outlook for the hotel sector remains positive – the latest Irish labor market data show an all-time high employment of 2.66 million across the economy while average weekly earnings grew by 4.6% compared to the same period in 2022, both of which supports the leisure spending outlook.
Cushman & Wakefield recorded a total transaction volume of EUR 1.5 billion for the hotel segment in 2023. This corresponds to a decline of around 23 percent compared to the previous year and is the lowest result of the past eleven years, falling short of the 10-year average by around 60 percent. The purchases and sales were almost exclusively individual property transactions, with an average volume of around 20 million euros.
This article examines Florence's tourism industry resilience amidst crises, including the COVID-19 pandemic, analyzing key performance indicators such as airport statistics, hotel supply, and operating performance. Despite setbacks, Florence witnessed a remarkable recovery, notably in 2023, with record-breaking Revenue Per Available Room (RevPAR). The analysis also highlights investment trends and future challenges, including concerns about over-tourism and evolving market dynamics.
The latest data from Fourth, the leader in workforce and inventory management technology for the hospitality and retail industries, has revealed a much-needed improvement in festive trading across the sector in Q4 2023, with net sales revenue growth of +6.1% compared to the same period in 2022.
Brown Hotels on Tuesday announced franchise agreements with hospitality giant Hilton, which sees two of its “Isla Brown” hotels in Greece entering the “Curio Collection by Hilton” brand.
The impact of sporting events on hotel performance has been well-documented recently. Now all eyes are on the Summer Olympics in Paris between 26 July-11 August 2024. This summer will mark exactly 100 years since the Summer Olympics were last held in France.
Helped by the holiday travel season, London hotels posted significant performance levels, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The real estate services firm’s annual hotel operator survey saw international and regional hotel operators – all of which are active in France – give their views on sector opportunities and challenges in the market.
Madrid’s hotel average daily rate (ADR) and revenue per available room (RevPAR) reached the highest monthly levels on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.