November 2022, Virtual
21 November 2022, Hilton London Metropole
Hotel rates in Europe are continuing to rise despite the eurozone crisis and weakness of the continent’s economies.
Average daily rates (ADR) were up by 6.1 per cent to €106.82 during October, compared to the same month last year, while rates were up by 5.3 per cent for the first 10 months of this year, according to figures from hotel data firm STR Global.
European hotels have been helped by record high levels of occupancy which has boosted rates during 2012. Overall occupancy in Europe was up by 0.4 percentage points to 71.6 per cent last month.
Elizabeth Randall Winkle, managing director of STR Global, said: “ADR benefited from strong European demand, in terms of the number of occupied rooms, which stands at historic high levels.”
In the UK, hotel rates rose by 2.9 per cent to an average of £81.41 per night in October while occupancy also increased by 0.3 percentage points to 78.2 per cent.
STR said the picture was “mixed” across Europe’s major cities with Tel Aviv (+18.6 per cent to €197.32), Budapest (+15.2 per cent to €75.28) and Paris (+15.1 per cent to €287.41) seeing the highest hotel price rises in October. While Athens (-9.8 per cent to €100.38) and Vilnius in Lithuania (-9.5 per cent to €48.80) saw the biggest drops in rates.
The cities to see the biggest rises in occupancy in October were the Slovakian capital of Bratislava, Tel Aviv and Zurich, while Lisbon saw the largest drop in occupancy.