Thursday 9th September, JW Marriott Grosvenor House
ExCeL London - 30 Sep - 01 Oct 2021
18 October 2021 - Virtual
European hotel prices have increased by 3.6 per cent to an average daily rate (ADR) of €109.71 during the first seven months of the year.
The continent’s hotels have also improved their occupancy levels by 1.9 percentage points to an average of 70.6 per cent over the same period, according to the latest figures from hotel data firm STR.
The largest year-on-year increase in hotel rates came in eastern Europe which has seen a 6.4 per cent rise to an ADR of €78.26.
Western Europe saw the lowest rate of increase in ADR, which has risen by only 0.8 per cent to €116.78 year-on-year. But this part of Europe continues to have the highest average hotel rates.
Preliminary data from London’s hotel sector for July shows that the city has continued to see growth despite the terror attacks earlier in the year. STR said that ADR in London rose by 6.6 per cent in July to £165.42 despite occupancy slipping by 0.9 points to 87.5 per cent – this has been primarily attributed to “supply growth”.
STR has also reported a 22 per cent year-on-year increase in the number of hotel rooms currently under construction in Europe.
It said there were 499 hotels being built across Europe which will add a total of 77,280 rooms, according to July’s figures.
London continues to have the highest number of hotel developments under construction with 27 projects set to add 4,300 rooms to the UK capital’s portfolio.
Although Istanbul is set to add slightly more rooms than London – 4,497 rooms across 24 hotel developments.
Other European cities currently seeing major hotel developments are Moscow (3,602 rooms in 16 projects), Munich (2,987 rooms in 13 projects) and Amsterdam (2,166 rooms in 12 projects).