Istanbul posts strong ADR growth
Innovative business development firm joins select few to make Inc. Magazine’s Fast 500 list multiple times
Istanbul’s designation as one of Europe’s Capitals of Culture during 2010 has given an additional promotional boost to the city’s remarkably strong hotel market where several new properties are opening soon. Data from STR Global, the leading provider of market information to the world’s hotel industry, shows growth in average daily rate (ADR) during the past five years has trended upwards and maintained resilience even during the recent economic crisis.
These local market conditions have continued to attract new entrants to Istanbul. “The STR Global Pipeline reports indicate that some 2,270 rooms are currently under construction, in final planning and planning stages of development”, said Elizabeth Randall, managing director of STR Global. “This represents 7.4 percent of the current room stock in the city”. The 14 new hotels include Holiday Inn Express, Crowne Plaza, Hilton Garden Inn, Edition, Doubletree, Radisson Blu and Shangri-La.
Konstanze Auernheimer (STR Global)
Director of Marketing
Phone: +44 (0)207 922 1961
About STR Global
STR Global provides clients—including hotel operators, developers, financiers, analysts and suppliers to thehotel industry—access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, segmentation data, forecasts, annual profitability, pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STR Global is part of the STR family of companies and is proudly associated with STR, STR Analytics and Hotel News Now. For more information, please visit www.strglobal.com.