New analysis from KPMG UK finds the rising prominence of so-called 'zombie firms' - companies under sustained financial strain - is threatening to cause a significant drag-effect on the UK economy with more than one in ten private businesses in the travel and leisure sector affected.
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.
The tourism industry in Ireland is valued at over €9bn supporting one in ten jobs in the country. The sector has seen significant growth over the last decade, with international visitor numbers alone increasing by over 30% (from the previous peak in 2007) to over 10 million visitors in 2018. Ireland is a leading tourist destination, enriched with history and culture and with continued improvements in infrastructure and access, the outlook for the hospitality sector remains positive. This report, written by Naoise Cosgrove of Horwath HTL Ireland, provides an insight into Ireland's dynamic tourism and hospitality market.
Europe's hotel industry reported mostly positive results in the three key performance metrics during Q1 2019, according to data from STR.Euro constant currency, Q1 2019 vs. Q1 2018Europe
Poland is not only gradually reducing the distance to the richest EU countries but is now in the elite group of the 25 most developed economies in the world. Ranked 36th in the world, in the level of globalization, measuring 169 countries using the Global Connectedness Index, Poland has increasing ADR and occupancy of hotels in major cities, which in turn is encouraging investors to open new hotels.
STR's preliminary March 2019 data for London indicates strong performance.Based on daily data from the month, London reported the following in year-over-year comparisons:
The UK hotel industry is off to a rough 2019. At least on the profitability spectrum. A slight increase in RevPAR in February was not enough to push hotels into the black, as the UK suffered a second consecutive month of profit decline, according to the latest data tracking full-service hotels from HotStats.
The outlook for hotel trading in the UK this year remains flat as a surge in room supply, slowing global and UK economic growth and ongoing uncertainty relating to Brexit is expected to provide a challenging environment for performance growth.
Turkey is one of the leading tourism destinations in the world. It is where antiquity meets contemporary and it boasts stunning scenery as well as having a rich historical legacy. Despite the political and economical crises in the past few years, in 2018 Turkey attracted more than a record number of 46 million tourists with its breath taking coastlines, iconic destinations and mouth watering Turkish cuisine. This report, written by Alp Ancel of Horwath HTL Turkey, discusses how Turkey looks set to regain its position on the world tourism stage.
“We’ve had a hugely successful year in 2018, but I think things will become more commercially challenging over the next couple of years. As we all know, the biggest challenge is going to be attracting and retaining talented people to be part of our team.”
Gergely Bálint, of Horwath HTL Hungary has written the latest market report on Baku, the capital city of Azerbaijan. Baku has more than its nine ‘climate zones’ and oil industry to boast about at the moment. Hotel development is booming as the market begins to appreciate the economic upside offered by tourism. Diversification of hotel products to attract more leisure travellers to the country, extends the booking period and minimises the reliance on corporate travel.
Queensgate Investments has completed the acquisition of the Grange St Paul's EC4, Grange Tower Bridge E1, Grange City EC3, and Grange Holborn WC1 for circa GBP 1 billion.
Book a serviced apartment and save up to 54 percent in comparison to a hotel stay, depending on the DACH-destination. This is the result of the annual price radar conducted by market leader www.Acomodeo.com/. In the analysis, data from 40 cities in the DACH region were collected and the average prices of the hotel booking portal HRS were compared with the average prices of the serviced apartments listed on Acomodeo for the year 2018. According to the study, the largely saturated hotel market recorded an overall price increase last year. At the same time, the market for serviced apartments continued to grow strongly and recorded mostly low overnight rates, thus putting pressure on prices in overall eight out of eleven destinations in the DACH region.
STR's preliminary February 2019 data for London indicates record-high rates. Based on daily data from the month, London reported the following in year-over-year comparisons:
New research study Portrait of UK Travellers™ shows that Millennials will drive overall tourism growth for 2019 and have the most positive outlook on Brexit's impact on travel.
Brexit has had little impact on 2019 travel plans but has shaped a negative perception of the U.K. among European travellers, according to findings of a recent survey conducted by STR's Consumer Travel Insights team. Conducted in February 2019, the survey captured the views of 927 U.K. and international travellers from STR's proprietary Traveller Panel, a global community of engaged travellers.
Edinburgh remains at the top of Colliers International's latest UK Hotels Market Index, with a strong active pipeline and performance, largely due to consistently strong occupancy and average daily room rate (ADR) levels in 2018, a robust four-year upward revenue per available room (RevPAR) trend and continued strong market appetite.
Despite a 3.4-percent year-over-year increase in RevPAR in January, profit per room at UK hotels dropped by 2.6 percent due to rising costs, according to data tracking full-service hotels from HotStats.
Lisbon Hotel Market - Europe's Miracle Baby Maturing. This market pulse provides an overview of the tourism and hotel market in Lisbon, Portugal. It discusses the growing tourism trends in the market, the impacts on hotel performance, the challenges encountered in light of the airport capacity, and the resurgence of other competing markets such as North Africa. This article also provides a summary of the hotel pipeline as the city is becoming increasingly attractive to investors.
STR's preliminary January 2019 data for London indicates record performance levels. Based on daily data from the month, London reported the following in year-over-year comparisons:
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