European RevPAR declines in October
Preliminary figures reveal tough month for major cities in Europe
STR Global reports
Preliminary October 2008 performance
(October 1-30 compared with same time frame during 2007)
Source: STR Global
In Euro-terms only Berlin and Helsinki grew their RevPAR for the month compared to October 2007. In local currency terms the two cities are joined by Oslo and Stockholm which improved their RevPAR 5 percent and 0.5 percent, respectively. All RevPAR improvements came from average rate growth. In the case of Brussels, Lisbon, London, Moscow and Warsaw increases in ADR were offset by declining occupancies which drove RevPAR down.
The declines in performances are a result of the worldwide financial crisis, economic slowdown and falling consumer confidence that have started to impact demand for hotel accommodation, according to Chappell.
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