Analysis by Eddie Yeung
Note: All financial figures presented in US$.
STR's global "bubble chart" update for the four weeks ending 20 July 2024 shows 64% of markets with year-over-year growth in revenue per available room (RevPAR). That percentage was similar to our previous global market update.
Among countries with 50,000 rooms and adequate hotel reporting levels, Greece, Singapore, Switzerland, France, and Italy— the same countries as the last update—posted the highest RevPAR on an actual basis. Notably, Greece recorded high growth rate RevPAR (+13%) thanks to substantial ADR growth (+23%).
In contrast, France continued to show lower performance compared to the same period last year, as demand remained displaced ahead of the Paris Olympics. That trend is set to reverse, however, as Paris occupancy on the books (as of 22 July) was trending between 80%-90% for all but two dates during the Olympics. Previous Olympic host markets have seen the greatest impact in pricing power; thus we project substantial ADR gains in Paris between late-July and mid-August. The market’s RevPAR was 27% lower year over year for the most recent 28-day period.
