G20 summit boosts Hamburg hotel rates
LONDON–Hotels in Hamburg, Germany, recorded an 88% growth in average daily rate (ADR) during the week of the G20 summit (2-8 June 2017), according to data from STR.
As STR previously reported, markets hosting the G20 summit typically experience strong performance increases during the event and in the days leading up to it. For Hamburg, rates began steadily increasing from Friday, 30 June, reaching a high point on Thursday, 6 June, the night before the forum kicked off.
Increases in ADR were particularly high for Hamburg’s Luxury and Upper Upscale segment, hovering between EUR328 and EUR379 from Wednesday, 5 June to Saturday, 8 June.
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“Prior to hosting the G20 summit, Hamburg hotels were already experiencing a strong summer performance,” said Robert Bauer, senior analyst for STR. “The market recorded consistently high occupancy levels throughout the month of June. As demand spiked even higher the first week in July for the forum, the market’s Luxury and Upper Upscale segment in particular capitalized on high compression nights to drive significant rate growth. With regards to recent discussions about holding future summits outside of major cities due to riots and threats of violence, it will be interesting to see if hotels in smaller markets would benefit from the summit the way previous host markets like Hamburg have.”
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