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Markets & Performance

Press Release

Spanish Hotel Barometer - Q1 2024

Produced jointly by STR and Cushman & Wakefield, the Hotel Sector Barometer confirms the upsurge in tourism and hotel activity in Spain, with outstanding results across all indicators showing growth over the figures for the first quarter of 2023. Spain’s hotels achieved occupancy of 68.5% between January and March (+4.9% compared to the same quarter in 2023), with average daily rates (ADR) standing at €134.60 (+11.7%) and revenue per available room (RevPAR) of €92.10 (+17.1%). In terms of destinations, the Canaries topped the table for all three indicators. Given that the first three months of the year represent high season for the islands, occupancy understandably reached 84.3%. For their part, ADR hit €171.30 and RevPAR €144.40. These figures represent significant growth over the figures for the first quarter of the preceding year, amounting to 16.7% with respect to ADR and 22.2% in terms of RevPAR. The fact that the Easter holidays fell in March enabled the Canary Islands to add domestic tourism to the usual international visitors that come during the winter months.

Cushman & Wakefield
Spain
Opinion Article

Venice Market Pulse

The resurgence of travel activity in Venice following the years afflicted by the COVID-19 pandemic has not only been a sign of recovery but also an indicator of evolving trends within the city's tourism sector. In line with what was observed in other Italian cities, Venice's hotel market experienced an unprecedented surge in the post-pandemic era. While overall occupancy rates remain below pre-pandemic levels, the upper upscale and luxury market segments appear to have fully rebounded. This recovery, along with a significant increase in average rates, has resulted in a notably positive impact on Revenue Per Available Room (RevPAR).

Ezio PoinelliLorenzo GullottaGiammarco Pignocchi
By Ezio Poinelli, Lorenzo Gullotta, and Giammarco Pignocchi
Venice, Italy
Opinion Article

Paris Market Pulse 2024 – Going for Gold

The City of Light enjoys a well-balanced blend of business and leisure demand resulting in both a broad seasonality and strong average rates. Since 2015, Paris has faced multiple challenges which highly disrupted hotel performances. As the city was recovering from the 2015-16 terrorist attacks, the ‘yellow vests’ movement and pension reform strikes of 2018-19 and the transportation strike of 2019, the COVID-19 pandemic hit the world. The market has since shown remarkable resilience and has gradually recovered, reaching record levels of RevPAR in 2023. Despite and throughout this tumultuous period, Paris has maintained its status as one of the most sought-after destinations for hotel investment, owing to its robust underlying fundamentals.

Maxime GauthierAlexandra Dumoulin
By Maxime Gauthier and Alexandra Dumoulin
Paris, France
Opinion Article

Amsterdam Market Pulse – Full Recovery in Sight

With a population of more than 930,000 , the capital city of Amsterdam lies on the coast of the province of North Holland. The city – known for its historic canals, the famous Van Gogh Museum, the Rijksmuseum, and the coffee shops of the Red Light District – is also a significant financial and business centre in Europe. There were more than 3,500 international companies in the Amsterdam Metropolitan Area (AMA) in 2023, representing more than 30% of the private-sector jobs. The city is highly accessible via local, national and international transport links. Amsterdam has excellent domestic and international connections via Amsterdam Schiphol Airport, the European high-speed rail network and the North Sea Canal.

Maxime Gauthier
By Maxime Gauthier, Senior Associate, HVS
Amsterdam, The Netherlands
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Press Release

Hotel Market Beat 2023 - Greater Paris

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.

Cushman & Wakefield
Paris, France
Opinion Article

Hotel Market Beat 2023 - Italy

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.

Cushman & Wakefield
Italy
Opinion Article

Hotel Market Beat 2023 - Spain

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.

Albert GrauBruno Hallé
By Albert Grau and Bruno Hallé
Spain
Press Release

Hotel Market Beat Q4 2023 - Ireland

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
Ireland