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.
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.
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.
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.
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.
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.
As temperatures gradually rise in February, European hotel performances are following a similar trajectory. After a lackluster January, activity is back to its 2023 level, and well above 2022 levels. While the continent is performing relatively well, Southern Europe seems to be standing out once again, with a climate that is attracting sun-seeking travelers. Nevertheless, several Northern European countries, such as the United Kingdom and the Netherlands, are performing well.
In 2023, Greece's tourism sector flourished significantly, witnessing remarkable growth in total international arrivals, which surged by approximately 17.6% compared to 2022, as reported by the Bank of Greece, but also 4.4% higher than the pre-Covid record of 31.3 million in 2019. Moreover, the promising trend extended to the employment landscape, with unemployment rates plummeting first time since 2009 in single digit. Additionally, statistics from the Hellenic Statistical Authority (ELSTAT) reveal that turnover within the hospitality industry amounted to a substantial €10.8 billion for the period spanning January to December, which is 10.7% higher than last year. Given Greece's strong historical performance in tourism, it's anticipated that 2024 will set a new record, with tourism revenue nearing €22 billion. The surge in arrivals at Athens International Airport, reaching 95% of capacity in April 2023 and maxing out during the summer, has triggered the 33MAP expansion plan. This plan involves expanding the terminal by 81,000 square meters to accommodate 33 million passengers annually, with financing already secured. Completion is slated for 2028, while projections suggest that within the decade, the 40MAP expansion may be triggered, necessitating an increase in capacity to 40 million passengers per year.
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 recorded a total transaction volume of EUR 1.5 billion for the hotel segment in 2023. This corresponds to a decline of around 23 percent compared to the previous year and is the lowest result of the past eleven years, falling short of the 10-year average by around 60 percent. The purchases and sales were almost exclusively individual property transactions, with an average volume of around 20 million euros.
Brown Hotels on Tuesday announced franchise agreements with hospitality giant Hilton, which sees two of its “Isla Brown” hotels in Greece entering the “Curio Collection by Hilton” brand.
The impact of sporting events on hotel performance has been well-documented recently. Now all eyes are on the Summer Olympics in Paris between 26 July-11 August 2024. This summer will mark exactly 100 years since the Summer Olympics were last held in France.
Helped by the holiday travel season, London hotels posted significant performance levels, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The real estate services firm’s annual hotel operator survey saw international and regional hotel operators – all of which are active in France – give their views on sector opportunities and challenges in the market.