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Hotel Industry News |
Sunday July 6th, 2008 |
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Sports, culture and conferences boost European hotel performance |
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European hotels saw a healthy 9% increase in revenue per available room (revPAR) in the first eight months of the year, according to preliminary results from the HotelBenchmark(TM) Survey by Deloitte.
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Amsterdam, Berlin, Salzburg and Valencia have all helped fuel this growth, boasting double-digit revPAR improvements, driven by a number of conferences, sporting and cultural events.
Hoteliers in Amsterdam and Salzburg have benefited from an influx of visitors, as both cities celebrate the anniversary of world famous icons. To mark the 400th anniversary of Rembrandt, Amsterdam is staging a year long celebration of his life including a never seen before collection of his work and even a musical. Hotel performance has also been boosted by a number of large exhibitions including Intertraffic, Interclean and the World Gas Conference, which has push revPAR up 16.1% year-to-August compared to the same period last year.
In Salzburg it's a similar story, daily concerts, exhibitions and plays to celebrate the 250th anniversary of Mozart's birth have attracted a large number of visitors and hoteliers have seen revPAR increases of 25.6% for the first eight months of 2006.
Berlin naturally benefited from being one of the host cities for the World Cup and saw record revPAR of €283 on the day of the final. Year-to-August 2006 revPAR has grown 20.8%.
Valencia's hotels also saw strong growth, as the city hosted the 32nd America's Cup in June and July. The races attracted sailors from all over the world, which helped revPAR increase 19.5% for the first eight months of 2006. Across Spain, strong Gross Domestic Product (GDP) growth has helped create business demand while leisure visitors have also been on the rebound.
Commenting on the results, Lorna Clarke, Executive Director of HotelBenchmark(TM) said:"2006 is shaping up to be a good year for the European hotel industry. Overall, revPAR growth for the first eight months of 2006 has more than doubled compared to the 3.4% increase achieved last year. Although the Middle East and Asia remain the fastest growing regions in the world, European hotels appear to be closing the gap on their Asian counterparts. A good run of sporting, cultural and corporate events across the region have had a positive and immediate impact on European hotel performance. We expect the outlook for the remainder of 2006 to be optimistic with continued growth".
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Deloitte is the UK?s fastest growing major professional services firm. It is based in 21 UK locations, has over 10,000 staff nationwide and fee income of ?1,246 million in 2003/2004. Deloitte is the UK practice of Deloitte Touche Tohmatsu, a global leader in professional services with over 120,000 people in 140 countries. |
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