STR: Europe hotel performance for November 2018
- Istanbul hotels post record ADR amid currency crisis
- Vienna occupancy jumps during busy events calendar
Euro constant currency, November 2018 vs. November 2017
- Occupancy: +1.7% to 71.8%
- Average daily rate (ADR): +4.0% to EUR105.84
- Revenue per available room (RevPAR): +5.8% to EUR75.99
Local currency, November 2018 vs. November 2017
- Occupancy: +4.2% to 69.0%
- ADR: +47.0% to TRY468.34
- RevPAR: +53.2% to TRY323.24
The absolute ADR level was the highest for any November in STR's Istanbul database. STR analysts attribute the jump in the metric to Turkey's currency crisis of the last few months—October produced the country's highest inflation rate in 15 years. Demand (room nights sold) has also helped push performance, and Turkey is expected to reach almost 39 million visitors by the end of 2018, according to the World Travel & Tourism Council.
- Occupancy: +12.8% to 82.9%
- ADR: +12.1% to EUR101.07
- RevPAR: +26.4% to EUR83.78
The occupancy level was the highest for any November on record in Vienna. STR analysts note that performance was helped by a host of November events: European Utility Week 2018 (6-8 November), Energy Austria (5-6 November), the 4th European Congress on Endometriosis, and the European Congress for Homeopathy (22-24 November).
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