STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries.
Analysis by Eddie Yeung
STR's global “bubble chart” update for 2023 shows 85 per cent of markets with revenue per available room (RevPAR) higher than 2019.
In terms of top-line performance, that means most markets have recovered from the significant declines caused by the pandemic.
Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, France, Switzerland, Ireland, and Greece led in RevPAR on an actual basis. Most of the above countries maintained relatively high levels in both average daily rate (ADR) and occupancy throughout the year.
Ireland led all countries in the 50,000 rooms grouping with an annual occupancy level of 80 per cent. The United Kingdom ranked second at 78 per cent. France recorded the highest ADR at $277, while Switzerland was second at $260.
Like markets, most countries have recovered RevPAR to 2019, with 41 of 48 in the 50,000 rooms group reporting higher 2023 RevPAR than 2019. The top five countries for annual RevPAR growth compared to 2019 were Brazil, Greece, Colombia, Italy, and Ireland.
The story of ADR-driven RevPAR growth continued in 2023, with only 12 countries seeing occupancy gains compared to 46 countries experiencing higher ADR. The top two countries for occupancy growth were Colombia and Saudi Arabia, at +6 per cent and +5 per cent, respectively.
Nonetheless, there are still six countries where RevPAR levels lag 2019—China, Vietnam, the Philippines, Denmark, Sweden, and Finland. China, the country with the largest room supply, reported RevPAR behind 2019 by 3 per cent, while Vietnam showed the worst decline of 23 per cent.
While RevPAR growth in most parts of the world has been led by rate gains, with inflation a contributing factor, it is worth highlighting which markets around the world gained in occupancy versus 2019. Overall, roughly 37 per cent of markets gained in occupancy.
Excluding provincial areas and country markets, the top five performers in occupancy were Chongqing, Sanya, Rio de Janeiro, Calgary, and Bogota. These markets experienced occupancy gains ranging from 8 per cent to 14 per cent in 2023. Domestic travelers seem to be driving growth among these markets as the above markets are not main international traveler destinations.
The Hotel Association of Canada (HAC) has announced the resignation of Susie Grynol from her position as president and CEO, effective June 3rd, 2024
To commemorate International Women’s Day 2024, Choice Hotels Canada presents the remarkable journeys of four distinguished women leaders within the Canadian hotel sector. Their stories of resilience, innovation, and…
Canadian hotelier, Sukhdev Toor has announced details about the first TOOR Hotel, a distinct lifestyle hotel and residence coming very soon to downtown Toronto.
Marriott International has appointed Susie Grynol and Keri Robinson to its Canadian senior leadership team.