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.
With the summer travel surge concluded, London’s hotel industry showed more normalized levels of growth, according to preliminary September 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The latest figures released by the Federal Statistical Office (FSO) have put even more spring in Swiss tourism’s step. Night stays in Switzerland for the months of June and July 2023 were recently published. And the news is good! Night stays (or hotel stays) were 8.6% higher in June 2023 versus June 2023. This confirms an earlier report indicating that in the first half of 2023, night stays increased 13.8% year on year.
Dalata Hotel Group plc (“Dalata” or “the Group”), announces that it has agreed contracts with Zien Group, to acquire the entire issued share capital of American Hotel Exploitatie BV (“the company”), which holds the operational lease of the Hard Rock Hotel Amsterdam American.
Amsterdam’s hotel industry showed event-driven improvement in monthly performance, according to preliminary August 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Prague is the second most attractive market in CEE for hotel operators with a presence or interest in the region. Its popularity is backed up by H1 being a period of healthy recovery for Prague hotels which achieved the second-highest (after Budapest) RevPAR (revenue per available room) among the region’s capitals1. In this year’s first six months, it reached EUR 69, which is an increase of 57% versus H1 2022, and already a 5% increase versus the pre-Covid H1 2019. This was primarily driven by the strong ADR (average daily rate) growth, which surpassed 2019 levels by over 20%. Hotel operators are optimistic about the industry’s outlook and keen to expand across the CEE region. However, 28% of planned hotel projects in the region are facing delays or put on hold, mainly due to the increased development costs.
Hotels in the UK are experiencing a post-Covid rebound according to the latest research from global property adviser Knight Frank. London hotels achieved an occupancy rate of 82% in June 2023, a rise of 3.2 percentage points year-on-year, whilst hotels outside the capital recorded growth of four percentage points to almost 81% occupancy versus 2022.
Mainland Europe is a hub of activity throughout the summer months with millions of global travelers flocking to key destinations for a mixture of sun, culinary delights, and culture. The consistently strong demand allows hoteliers in key summer destinations to strategize with confidence. This summer, however, there is one destination that has exceeded all expectations. The following analysis highlights how Italy’s hotel sector is thriving in bookings and room rates in addition to assessing how online trends set up a summer to remember for Italian hoteliers.
UK hotel transaction volumes have remained resilient in the first half of 2023 despite market headwinds, supported by the private markets (with sub-£15M ticket sizes) and value-add opportunities with compelling growth stories. Further volumes have been supported by office conversions, with hotels stacking up in the right locations.
Festival season continues to bring the heat following IHG Hotels & Resorts’ successful partnerships with some of this summer’s hottest music festivals, including The Governors Ball and Lollapalooza in the U.S., and most recently Wilderness in the U.K. IHG is making festival weekends unforgettable for IHG One Rewards members and festivalgoers alike, bringing exceptional care and unexpected memorable experiences.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals Germany’s Travel & Tourism sector is recovering at pace to recover to within 95% of pre-pandemic levels.
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.
Speaking at a panel session at the Hyatt Regency Pravets Resort in Bulgaria today, World Travel & Tourism Council (WTTC) President & CEO Julia Simpson revealed that the WTTC 2023 Economic Impact Research (EIR) today forecasts that 10% of the Bulgarian economy will come from Travel & Tourism by 2033.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals Italy’s Travel & Tourism sector is recovering strongly post-pandemic.
Berlin’s hotel industry recorded its highest performance since September 2022, according to preliminary June 2023 data from STR.
In the latest updates on the regional market performance of the hotel industry in the United Kingdom, we share year-to-date data from May for 2023 compared to the same period in 2022 and 2019, according to HotStats’ monthly Hotel Benchmarking reports.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals the Portuguese Travel & Tourism sector is projected to exceed the 2019 peak this year.
Italy is seeing a growing investment appetite for luxury branded hotels, according to the latest study from Global Asset Solutions.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals the Greek Travel & Tourism sector is projected to near pre-pandemic levels this year.
The Magic City, so named because its soil contains the three elements needed to produce iron, was able to steel itself against long-term hospitality demand loss in 2020 better than many hotel markets across the U.S. The city’s proximity to outdoor demand generators, its rapidly growing sports entertainment industry, and the dedicated work of local municipal offices and aid organizations were all important factors that supported the swift recovery of Birmingham hotels.