CPhl Worldwide Boosts Rate Growth for Host Markets
CPhl Worldwide brings together more than 35,000 pharmaceutical professionals every year to network and learn about industry trends and opportunities. This year, Barcelona hosted the event from 4-6 October, resulting in a considerable boost in average daily rate (ADR). With STR’s data for CPhl 2016 now available, below is a brief overview of the event’s impacts on previous host markets, with a projection for how it could impact Frankfurt in October 2017.
- The fair attracts over 35,000 visitors during a three day period, according to CPhl.
- The three cities that hosted the event between 2014 and 2016 all achieved occupancy levels above 93% during the duration of the fair.
- Performance during the fair is usually driven by ADR growth
- Madrid witnessed a higher boost from the event after hosting in 2015, in terms of both occupancy and ADR, as the city usually welcomes less international tourism than Barcelona and Paris and is more likely to benefit from events that draw international crowds.
- How will Frankfurt hotels perform when the market hosts CPhl in 2017? STR’s Market Forecast Report suggests that yet again, performance will be driven by ADR, with double-digit increases expected for the whole month of October 2017.