Release date -27062024
STR's global 'bubble chart' update for the four weeks ending 15 June 2024 shows 65% of markets with year-over-year growth in revenue per available room (RevPAR). The percentage has remained between 60% and 77% with much of the world firmly positioned in a normalization period.
Among countries with 50,000 rooms and adequate hotel reporting levels, Greece, Singapore, Switzerland, France, and Italy posted the highest RevPAR on an actual basis. Four of these five leaders saw RevPAR higher than the comparable period last year, with only France seeing a year-over-year performance decline as the country prepares for the Paris Olympics in July. Also notable, Greece's average daily rate (ADR) reached $389 with occupancy above 83%, even before the summer holidays began.
Excluding countries with turbulent socioeconomic conditions, the leaders in year-over-year RevPAR growth were Saudi Arabia, Greece, Japan, Indonesia, and South Korea. Japan remained in the top spot thanks to its strong rate growth. Growth among these leaders was largely driven by the respective country's biggest travel destinations. For example, Bali saw RevPAR grow by more than 26%, and Seoul by 25%. Saudi Arabia's performance was impacted by the calendar shift of religious events with ADR growth higher than 50%.
Overall, 40 of 48 countries with hotel supply greater than 50,000 rooms recorded growth in RevPAR from 2023. That was the highest number since we began these updates years ago.
Excluding provincial areas and country markets, the top RevPAR performers were Tokyo, Kyoto, Dusseldorf, Athens, and Madrid.
Business events typically drive performance in Germany, and Dusseldorf's performance was fueled by hosting several triennial and quadrennial tradeshows. Additionally, the Eras Tour expectedly left a mark in Europe, with Madrid seeing its RevPAR increase by 36% compared to last year.
*Analysis by Eddie Yeung
Note: All financial figures presented in US$.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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