LONDON—As the COVID-19 situation in France has worsened, the country’s daily hotel occupancy plummeted to as low as 3.3% on 17 March, according to preliminary data from STR and In Extenso TCH.
Daily occupancy in the country was as high as 65.3% on 26 February and had been positioned above 30% through 12 March. However, a sharp downward trend began as the number of confirmed COVID-19 cases grew and the government implemented measures to combat the spread. STR’s most recent data for 17 March showed that just three of 100 rooms on average were occupied in the country.
At the market-level, Paris reached a daily occupancy peak of 84% on 17 January, during the start of Haute Couture Fashion Week. The market’s daily occupancy remained above 50% as late as 3 March, however, downward movement began on 1 March, and absolute occupancy fell 97.2% year over year to 1.8% on 17 March amid the closure of the European Union borders to most non-EU citizens.
STR continues to monitor the COVID-19 impact on global hotel industry performance. More analysis, including upcoming and recorded webinars, can be found here.
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STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. 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 str.com and costargroup.com.
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