29% increase in RevPAR of Greek hotels!

Greece ranks third globally in terms of hotel revenue per available room (RevPAR) growth for the four weeks to November 9, 2024, compared to the same period in 2023, according to STR data.

In particular, Greek hotels recorded a 29% increase in RevPAR, while Hungarian hotels recorded the same percentage increase. However, the largest increase in RevPAR was recorded by hotels in Morocco, up 41%.

According to STR’s data for the four weeks ending November 9, 2024, 84% of global markets recorded a year-over-year increase in RevPAR, compared to the same period in 2023 – an increase of seven percentage points, compared to the previous month (77%).

Among countries with a significant number of rooms (50,000 or more) and sufficient hotel reporting levels, the top markets in terms of RevPAR in dollar (real) terms for the four-week period mentioned above were the United Arab Emirates ($210) and Singapore ($183). In terms of top performers in the occupancy index, the United Arab Emirates (87.3%) also led all markets, followed by Japan (82.0%), Ireland (79.6%), the United Kingdom (79.3%) and South Korea (78.8%).

Japan continued to show some of the most stable growth rates across all its markets. Overall, nine Japanese markets (out of 11) experienced annual RevPAR growth of more than 20%, compared to 2023. This reflects the country’s growing economic momentum and the fact that favourable exchange rates continue to attract international travellers.

In contrast, most Chinese markets (29 out of 39) experienced flat to negative percentage RevPAR changes.

Although most economists predict that China will end 2024 with annual GDP growth of more than 4%, its domestic demand remains sluggish relative to its “normal” levels – this has resulted in a loss of pricing power, as reflected in the recent average daily rate (ADR) of $65 and RevPAR of $45. The latter was 10% lower than the second lowest, Malaysia ($50).

Overall, 23 countries (out of 45) posted double-digit RevPAR growth for the four-week period, eight more than last month’s STR report.

The largest market-level RevPAR increases were in Abu Dhabi (+53%), Sicily (+44%), Morocco (+41%), Kyoto (+38%) and Southern Thailand (+37%). These four markets (excluding Abu Dhabi) make their first appearance in the post-pandemic RevPAR growth table.