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Hotels across Europe suffer from August slump
European chain hotels reported a dismal August with substantial falls in demand and profit.
Average occupancy dropped in nine and profit fell in eight of the 10 cities surveyed by TRI Hospitality Consulting.
Hotels in Prague suffered the worst drop in profitability with daily fixed income before fixed charges halved year-on-year to 33.06 euros. The main balme for this was a 22.6% slump in achieved average room rate to 84.01 euros, according to TRI’s HotStats report.
TRI deputy managing director David Bailey said: “It’s the first time this year we have seen such large declines in occupancy.
“Key leisure destinations such as Prague, Vienna and Amsterdam felt the full impact of fewer overnight guests in August.â€
Average occupancy fell the furthest in Vienna, according to the study, down 12.4 percentage points to 71.6%. Weaker domestic demand and a decline in visitors from North America and Japan contributed to the decline.
London, the most profitable hotel market in the survey, had a steady performance in August, TRI said.
Daily gross operating profit came in at more than 79 euros per available room and the city achieved the highest average occupancy of 84.6%.
Paris saw the highest achieved room rate, up by 5.8% year-on-year to 222.39 euros.
Munich also saw gains in August with a 32% rise in gross operating profit to 45.10 euros per available room, helped by a major medical conference staged in the city. The rise in profit ws driven by a 33.4% rise in achieved average room rate to 131.42 euros.
by Phil Davies
Phil Davies
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