Hotel insolvencies caused by the pandemic are likely to increase through 2021 according to experts speaking at a global webinar held 24 November organized by HVS, AlixPartners, Bird & Bird and EP Magazine.
STR's preliminary October 2020 data for London hotels showed relatively flat occupancy compared with the previous month. Year-over-year declines remained significant. Comparison with October 2019:
Hotels are suffering amid a dramatic drop in demand. the covid-19 crisis hit hard the Greek hospitality sector as travel for business and leisure dried up. Our analysis shows that through the end of September 2020, room revenue of hotels in Athens and Thessaloniki dropped y-o-y by 79% and 67% respectively. Total revenue of city hotels located elsewhere declined by 63% y-o-y YTD Q3 2020, while resort hotels registered a staggering drop of 79% y-o-y during the same period.
In the bleakest outlook since benchmarking began, hotel occupancy rates in 2021 are forecast to be 55% across the UK, and could take four years to return to pre COVID-19 levels. This is a stark reality for a once optimistic industry, which had seen a decade of growth post the global financial crisis.
Merilee Karr, Chair of the UK Short Term Accommodation Association (STAA) and CEO of UnderTheDoormat, has written to the Chancellor, Rishi Sunak, on behalf of the STAA's members asking for visitor accommodation businesses to be given additional government support as it faces into an autumn and winter season where tighter travel and hospitality restrictions will impact jobs and businesses.
STR's preliminary September 2020 data for London hotels showed lower occupancy but higher room rates when compared with August. Year-over-year declines remained significant. Comparison with September 2019:
Staycation' was undoubtedly the travel buzzword of 2020. With travel restrictions limiting people jetting off to far-flung destinations this year, Brits looked to explore what was on their very own doorstep more so than ever before.
Horwath HTL Hungary, in cooperation with the Hungarian Hotel & Restaurant Association, provides a snapshot report based on a national online sentiment survey to reflect on the unprecedented challenges in 2020, through the first- hand feedback of hoteliers.
Each week, STR analysts provide a deep-dive into U.K. hotel performance. The most recent video, highlighting performance for the week of 31 August through 6 September, is linked below.Key highlights:
STR's preliminary data for London hotels showed higher performance from previous months but at levels significantly lower than historical averages. Comparison with August 2019:
Horwath HTL Italy conducted this survey in collaboration with the Italian Hotel Association to evaluate the current and medium-term impacts of Covid-19 on the Italian hospitality industry. In general, it is commonly expected a heavy drop of performances in the first semester of 2020 compared to 2019, with more than 49% of respondents expecting a decrease of more than 80% of Total Revenues.
Despite the coronavirus pandemic, the German hotel sector is still expanding. This positive business climate was revealed in a survey carried out in the course of May and June by internationally-active property consultancy Cushman & Wakefield.
Horwath HTL Croatia conducted a sentiment survey to monitor and assess the impact of the COVID-19 pandemic on the Croatian hotel industry.
As a newcomer to the group of developed markets, Poland faired well in comparison to the rest of the world economy elite countries. The Polish economy is considered steady with GDP during the second decade of 2000s consistently growing. In the region and amongst the 28 EU countries, Poland recorded one of the highest GDP growth. In 2019 GDP rose by 4.1% year over year, which was the fifth result in EU-28. In the meantime in EU-28 the GDP growth was 1.5 percent, in the euro area - 1.3 percent.
STR's preliminary July data for London hotels showed record-low occupancy.
Each week, STR analysts provide a deep-dive into U.K. hotel performance. The most recent video, highlighting performance for the week of 20-26 July, is linked below.Key highlights:
Barcelona is well-known for its quality of life. Creativity, cosmopolitanism and innovation are values that are associated with the city and make it very attractive to live, work or visit. In Catalonia in 2019, there were 20,737,029 travellers and 58,222,342 overnight stays, of which 8,517,891 travellers and 21,371,417 overnight stays were in Barcelona city, 41% of the tourists visiting Catalonia are going to Barcelona city.
Each week, STR analysts provide a deep-dive into U.K. hotel performance. The most recent video, highlighting performance for the week of 13-19 July, is linked below.Key highlights:
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.
Each week, STR analysts provide a deep-dive into U.K. hotel performance. The most recent video, highlighting performance for the week of 6-12 July, is linked below.Key highlights: