Germany’s game of three quarters | STR Global Reports
Whilst the circumstances are different, data from STR Global, the leading provider of market information to the world’s hotel industry, shows that Germany’s hoteliers might be holding their nerve more than in the previous recession. The last German recession, defined as two or more consecutive quarters of declining Gross Domestic Product (GDP), occurred between the last quarter of 2002 and continued until the second quarter of 2003. Revenue per available room (RevPAR), a measure of hotel operating performance, was already falling well before this as external factors such as 9/11, the Iraq War and SARS took effect.