STR Global reports RevPAR growth across major markets in Spain and Portugal
STR Global, the leading provider of market data to the world's hotel industry, reported double-digit revenue-per-available-room (RevPAR) growth in Lisbon, the Balearic Islands and the Canary Islands year-to-November (YTD) 2011 compared to the same time frame in the year prior. The double-digit RevPAR growth resulted mainly from increasing occupancy.
The Spanish hotel market grew its RevPAR by 6.8 percent YTD to €55.49. During the same period, the Portuguese RevPAR growth increased by 8.8 percent, resulting from an increase in ADR of 5.8 percent and occupancy reaching 60.6 percent.
The best performing markets benefited from increasing demand growth, compared to the previous year, whilst ADR remained relatively flat. In the Canary Islands, demand growth reached 14.4 percent YTD, seconded by Marbella (13.6 percent) and Balearic Islands (10.1 percent).
New hotel supply remained low YTD across most of the Iberian Peninsula. The only markets experiencing new supply growth were Malaga (+4.4 percent), Marbella (+2.4 percent) and Madrid (+1.5 percent), which had a knock-on effect on ADR.
Source: STR Global
Looking at the four best performing markets, including Madrid, on a longer term seasonally adjusted RevPAR levels in the last three years shows that the overall trend in 2011 remained positive compared to 2009 and 2010. The political unrest in North Africa helped the Canary Islands grow its RevPAR mainly during the first quarter of 2011, whilst the major cities grew their RevPAR during the second and third quarters of the same year. Following a positive autumn, the three-month year-on-year RevPAR growth remained positive in all five markets.
"Despite the general macroeconomic environment in the eurozone, Spain and Portugal have managed to remain popular destinations", said Elizabeth Randall, managing director of STR Global. "The good news is that RevPAR performance stayed overall positive, and it will be interesting to see how the 2012 hotel performance will develop. Our latest forecast for Madrid shows RevPAR growth is expected to reach 1.3 percent in 2012".
STR Global tracks the performance of more than 123,400 rooms in 48 cities and regions across the Iberian Peninsula.
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.