STR: Preliminary July data for Berlin hotels
STR's preliminary July 2017 data for Berlin, Germany, indicates strong rate growth helped by events in the market.Based on daily data from July, Berlin reported the following in year-over-year comparisons:
LONDON -- STR's preliminary July 2017 data for Berlin, Germany, indicates strong rate growth helped by events in the market.
Based on daily data from July, Berlin reported the following in year-over-year comparisons:
- Supply: +2.2%
- Demand: +2.1%
- Occupancy: -0.1% to 82.4%
- Average daily rate (ADR): +14.1% to EUR93.01
- Revenue per available room (RevPAR): +14.0% to EUR76.68
The German capital's rate performance was boosted by Berlin Fashion Week, which shifted from the last week of June in 2016 to the first week of July this year (4-7 July). Berlin also hosted the Lesbian and Gay City Festival (15-16 July). STR analysts attribute the market's marginal dip in occupancy to supply growth.
STR will release actual July 2017 results later this month.
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
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