Hotels in Milan, Italy, saw a positive turnaround in occupancy during the third and fourth weeks of Expo Milano 2015, according to data from STR Global.
From 15-28 May, year-over-year occupancy in Milan increased 7.7 percent to 75.9 percent. During the 14-day period, occupancy in the market eclipsed 80.0 percent on five separate days and peaked at 89.3 percent on Wednesday, 20 May.
During the first two weeks (1-14 May) of Expo Milano, year-over-year occupancy in the market decreased 8.0 percent to 68.4 percent. Over those 14 days, occupancy surpassed the 80.0-percent mark once.
“The performance picture has completely changed since the first week of the event,” said Marco Malacrida, STR Global’s area director for Italy. “At the beginning of May, unoccupied rooms from concurrent business fairs and UVET-AMEX created a confusing and uncertain scenario. Now, Milan, along with the hinterland and surrounding destinations, is recording very good results. After a tough start, the market seems stabilized, and positive Expo visitor feedback should encourage great success for the following months.”
Weeks three and four of Expo Milano also coincided with more significant year-over-year growth in both average daily rate and revenue per available room. From 15-28 May, ADR in Milan increased 37.3 percent to EUR167.75. RevPAR was up 47.8 percent to EUR127.40.
Using year-over-year comparisons for the first two weeks of the event, ADR increased 36.1 percent to EUR172.61, and RevPAR rose 25.2 percent to EUR118.02.
STR Global’s preliminary May 2015 data for Milan indicates increases in ADR (+35.9 percent) and RevPAR (+35.8 percent).
According to the official Expo Milano 2015 website, more than 20 million visitors are expected during the six-month universal exhibition, which runs through October.
About STR Global
STR Global provides clients—including hotel operators, developers, financiers, analysts and suppliers to the hotel 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, forecasts, annual profitability, pipeline and census information. 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.
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