During the first three months of 2017, the hotel industry in London, England, posted its highest revenue per available room (RevPAR) for any first quarter on record, according to data from STR. The market's absolute RevPAR level of GBP101.50 was an 11.3 per cent increase compared with Q1 2016.
Concluding with strong growth in March, the European hotel industry reported increases in each of the three key performance metrics during the first quarter of 2017, according to the latest data from STR. Compared toÊthe first quarter 2016, occupancy in Europe increased by 4.1 per cent to 63.5 per cent.
As the practice of revenue management continues to evolve, industry professionals should increasingly look to use their RM systems and processes strategically and move away from tactical operations. Integrating data from the various systems and resources is an important first step.
This year’s performance decline has mostly been driven by a drop in occupancy (-12.4% to 69.1%), as demand plummeted (-11.9%) compared with the same nine-month period in 2015 according to STR.
Japan’s hotel industry has benefitted substantially from the devaluation of the Japanese yen, experiencing four consecutive years of double-digit percentage growth in gross operating profit per available room (GOPPAR).
The overall loss will be higher once future lost business as a result of the extensive damage and renovations that many hotels will require prior to reopening is factored in.
In 2015, two franchises produced a room revenue impact of more than US$10.0m on their respective city’s hotels: the New Orleans Saints (US$16.2m) and Green Bay Packers (US$11.1m).
The U.S. hotel industry is projected to experience continued performance growth through 2017, albeit at a slower rate, according to STR and Tourism Economics’ most recent forecast
Mecca, Saudi Arabia, was the only major hotel market in the Middle East to experience an increase in revenue per available room (RevPAR) during the first two weeks of the holiday.