Miami and Dubai led the major global markets in hotel profit recovery for 2021, according to STR‘s full-year P&L data release.
Miami’s gross operating profit per available room (GOPPAR) beat 2019 levels by 14 percentage points, while Dubai reached 95% of its pre-pandemic comparable.
Noted below are the market outliers by each region:
Moscow’s GOPPAR (US$38.88) was 80% of its comparable 2019 level. Paris (US$60.00) was the next closest market at 33%. Amsterdam (US$10.53) recaptured just 10% of 2019 GOPPAR.
Helped by Expo 2020, Dubai’s GOPPAR reached US$89.68, which was 95% of the 2019 comparable. Qatar (US$42.07) came in a close second at 94%. Oman was the only market to show a negative GOPPAR level (-US$2.77), which was 107% below the 2019 comparable.
Shanghai’s GOPPAR (US$29.67) was 75% of its pre-pandemic comparable, followed by Beijing (US$19.33), which reached 38%. Bangkok’s GOPPAR level was in negative territory for the year (-US$12.24), which was 122% below pre-pandemic levels.
Miami’s GOPPAR reached US$116.81, which was 114% of the pre-pandemic comparable. Behind Miami, Tampa’s GOPPAR level (US$76.51) came in at 92% of the 2019 comparable. San Francisco/San Mateo’s GOPPAR (US$1.78) was furthest away from its pre-pandemic comparable at just 1%.
Rio de Janeiro’s GOPPAR came in at US$11.66, which was 49% of the pre-pandemic comparable. São Paulo (US$7.06) saw the next-highest GOPPAR comparison (27%). Lima (US$6.53) was at just 16% of the 2019 comparable.