HOTEL MARKET PERFORMANCE - Q4 2019
The hotels in Reykjavik suffered a severe performance setback in Q4. Occupancy decreased by 4.8% to just below 75%, ADR dropped by 13.1% to ISK 15,820 and in consequence RevPAR lost 17.2% to reach ISK 11,781. The market decrease was driven by all three months.
In October, occupancy decreased by 6.3% to levels below 80% and ADR changed by 10.2% to ISK 16,820, resulting in a decrease in RevPAR of 15.8% to ISK 13,331.
In November, occupancy decreased less in comparison to the other months, by only 1.3%, to remain at 77.5%. A significant decrease in ADR of 14.2% to ISK 14,872 resulted in RevPAR dropping by 15.3% to ISK 11,532.
December recorded the lowest performance since both occupancy and ADR decreased too significantly, leading RevPAR to set back by 20.8% to ISK 10,471.
Source: Benchmarking Alliance
|ADR in ISK||16820||14872||15699||15820|
|RevPAR in ISK||13331||11532||10471||11781|
Helsinki Hotel Investment Guide 2019
We have together with Helsinki Business Hub prepared a thorough investment guide for the Helsinki hotel market.
"The Greater Helsinki region is among the top cities in Europe in terms of tourism growth, and the most popular conference city in the Nordics. If you are a hotelier looking to grow, look no further. We’ll help you connect to the local ecosystem and find the perfect property."
What used to be a hidden gem is now a bustling hub of international tourists and business visitors. The Greater Helsinki region is attracting visitors at a staggering rate: the number of overnight stays has grown 28% in the past 5 years. The occupancy rate of hotel rooms in Helsinki is also one of the highest among Europe’s capitals (73% in 2018). To cater all the visitors, there is an eminent need for new hotels, especially in the budget and luxury range.
Helsinki is committed to developing the travel industry, especially focusing on sustainability and digitalization. This has earned Helsinki the title of the Capital of Sustainable Tourism 2019.
Read the entire publication here: https://www.helsinkibusinesshub.fi/hotels/READ ARTICLE
Large-scale hotel expansion under Northern Lights
The global hotel industry continues to show interest and optimism toward growth and performance of hotels in the Nordic region.
COPENHAGEN, Denmark—There is continued optimism about the growth and performance potential of the Nordics, as demonstrated through a survey of the delegates who attended the 9th annual NHC-Conference held in Copenhagen earlier this year.
Read the entire article here: http://hotelnewsnow.com/Articles/291995/Large-scale-hotel-expansion-under-Northern-Lights