2011 Outlook | Europe Picking up steam | Horwath HTL
How will 2011 play out for the key hotel markets in Europe? To get an idea of the current situation and varying pace of recovery across the continent, The Hotel Yearbook asked HORWATH HTL for an assessment. Nine different offices contributed to this extensive regional outlook, which examines markets from Spain and Ireland to Russia and Montenegro.
How will 2011 play out for the key hotel markets in Europe? To get an idea of the current situation and varying pace of recovery across the continent, The Hotel Yearbook asked HORWATH HTL for an assessment. Nine different offices contributed to this extensive regional outlook, which examines markets from Spain and Ireland to Russia and Montenegro.
The last few years have proved extremely challenging for UK hoteliers as the global economic recession took hold. Since the onset of the financial crisis, UK hoteliers have witnessed declines in business and leisure demand, as corporate travel budgets were slashed and uncertainty gripped the nation, resulting in countrywide occupancy falling from 73 % in 2007 to 68.7 % in 2009, according to STR Global (the source for all the performance data you see here). Rates were quick to follow as hoteliers attempted in vain to stimulate demand, and corporate room lets were replaced by lower-yielding leisure bookings with Average Daily Rate (ADR) declining from £82.78 in 2008 to £78.23 in 2009.
About The HOTEL yearbook (HYB)
The Hotel Yearbook is a family of publications that call upon a wide-ranging group of senior executives, analysts, consultants and opinion leaders from all over the world to ask, "What lies ahead for the global hotel industry?" In The Hotel Yearbook - whether it is the highly respected annual edition or any of the special editions focusing on such critically important themes as technology, talent development, or the digital world - our forward-looking contributors share with readers the key trends and developments that they believe could have an impact on the performance of the hotel industry in the future. For more information visit hotelyearbook.com.