Europe’s key hotel markets reported month-over-month improvement in gross operating profit per available room (GOPPAR), according to STR’s February 2023 P&L data release.
London’s February GOPPAR reached US$65.55, which was 83% of the pre-pandemic comparable. In January, the market reported GOPPAR at US$42.06, which was 65% of the 2019 level.
Amsterdam followed with a GOPPAR of US$35.98, which was 74% of the 2019 comparable after reaching just 7% in January when using the same comparison.
Berlin’s GOPPAR was 21% of the 2019 comparable, showing a significant month-over-month lift from negative levels in January.
Berlin hotel performance increased in March
Aligned with seasonal trends, Berlin’s hotel industry reported higher levels of occupancy and revenue per available room (RevPAR) month over month, according to preliminary March 2023 data from STR.
- Occupancy: 67.6%
- Average daily rate (ADR): EUR112.14
- Revenue per available room (RevPAR): EUR75.86
The ADR and RevPAR levels surpassed the 2019 comparables by 16.5% and 2.7%, respectively. Occupancy remained 12.0% lower than the pre-pandemic comparable.
The market reported three days of daily occupancy above 80%: Wednesday, 29 March (83.5%), Tuesday, 28 March (82.6%), and Wednesday, 22 March (81.7%).
The higher occupancy on weekdays points to improving corporate demand.
More of STR’s analysis can be found here.
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 corporate 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 www.str.com
