by Donald Wood
Last updated: 11:10 AM ET, Tue August 29, 2023
Hotel prices around the world have climbed this summer as
Europe continues to thrive without coronavirus-related restrictions.
According to Business
Travel News Europe, hotel analyst STR provided data that showed average
daily rates (ADR) from hotels worldwide increased 6.3 percent in July compared to
the same month in 2022, with Europe recording the biggest jump at 13.4 percent.
The STR data also showed that ADR in Europe was up 47
percent in July compared to July 2019, including increases of 51 percent in
Italy, 31 percent in the United Kingdom, 30 percent in Spain and 18 percent in
Germany.
European ADR year-over-year increases were less, though, as
the UK and Spain reported a six percent jump in July, while Germany improved by
three percent. Officials also revealed that hotel occupancy around the world plateaued
at 2-3 percent below 2019 levels.
As for the Asia-Pacific region, STR data reported it saw the
most substantial year-on-year growth in revenue per available room (RevPAR),
which climbed 36 percent in July. The Americas reported the slowest RevPAR
growth last month, with a one percent increase year-over-year.
Travel management company CWT predicted “more moderate”
price increases next year.
Last month, Key Data revealed that the short-term
rental market in the United States fell sharply through the first six
months of 2023. RevPAR increased across Europe and globally through June,
jumping 5.7 percent to $49 due to an increase in occupancy offsetting a slight
increase in Average Daily Rates (ADRs).
For the latest travel news, updates and deals, subscribe
to the daily TravelPulse
newsletter.
Topics From This Article to Explore
