Athens, Greece, experienced the second largest hotel occupancy increase and largest revenue per available room (RevPAR) growth in August 2014 compared to the same month of 2013, according to data released recently by STR Global on the European hotel industry.
Istanbul reported the largest occupancy increase in August, rising 18.1 percent to 77.9 percent, followed by Athens (17.8 percent to 73 percent) and Madrid (16.5 percent to 52.4 percent).
Athens was in the lead out of the four markets that experienced RevPAR growth (30.8 percent to 76.80 euros) in August and was followed by Geneva (30.5 percent to 179.96 euros); Madrid (22.5 percent to 35.81 euros); and Istanbul (20.7 percent to 113.84 euros).
“August was a strong month for Europe in terms of RevPAR growth,” said Elizabeth Winkle, managing director of STR Global. “This was primarily driven by strong performance across the sub-regions,” she added.
Other highlights from key market performers in Europe for August 2014 include (year-over-year comparisons):
- Tel Aviv (-31.4 percent to 54.5 percent), and Moscow (-17.0 percent to 60.0 percent) reported the largest occupancy decreases.
- Geneva (+15.7 percent to 257.48 euros), and Barcelona (+15.6 percent to 132.59 euros), experienced the largest average daily rates (ADR) growth.
- Moscow fell 18.2 percent to 92.68 euros in ADR, reporting the largest decrease in that metric.
- Tel Aviv fell 35.6 percent to 106.68 euros, posting the largest decrease in RevPAR.