When tickets for the UK leg of Taylor Swift’s latest tour went on sale last July searches for Airbnbs in London, Edinburgh, Cardiff and Liverpool during the Star’s concert dates surged an average 337%1 for show nights, compared with searches for those dates the previous month, bringing a welcome boost to the UK hospitality industry.
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed today that the Albanian Travel & Tourism sector contributed more to the economy and supported more jobs in 2023, than any previous year on record.
Edinburgh’s hotel sector outperformed the UK national average in revenue growth according to new research from real estate services firm Cushman & Wakefield, showing a healthy performance for the first quarter of the year despite an ongoing increase in the supply of hotels.
International hotel brands will continue to pour into Spain, according to Global Asset Solution’s Spanish Hotel Market Outlook 2024. The company said that it expected to see budget brands join the swelling numbers of luxury flags as both domestic and international tourism grew.
Germany is hosting the Euro Cup 2024, presenting an exceptional opportunity for travel businesses. This prestigious tournament will draw football enthusiasts from across the globe to ten dynamic cities, including Berlin, Munich, and Frankfurt. These cities, known for their rich cultural heritage and modern amenities, are poised to offer an unforgettable experience for visitors. The influx of fans provides a golden chance for travel businesses to showcase Germany's hospitality, boost tourism, and enhance the local economy.
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.
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed today a much slower recovery of Germany’s Travel & Tourism sector compared to other key European destinations.
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).
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.
Pushed by the Madrid Open and the UEFA Champions League quarterfinals, Madrid's hotel industry posted double-digit performance growth in April, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Portugal’s Travel & Tourism sector is on the brink of a historic year, with its economic contribution expected to exceed €54 billion.
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.
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Italy’s Travel & Tourism sector contributed €215BN, representing 10.5% of Italy’s total economic output last year, underscoring the sector’s prominence as a backbone of the Italian economy.
During Q1 2024/23 international arrivals of non-residents at the Athens airport increased 20%, while the international arrivals at the airport of Thessaloniki increased 13%. Traffic registered growth across all months of the quarter.
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.