Europe’s hotel industry reported positive results in the three key performance metrics during November 2019, according to data from STR.
Euro constant currency, November 2019 vs. November 2018
- Occupancy: +1.5% to 72.2%
- Average daily rate (ADR): +1.9% to EUR106.71
- Revenue per available room (RevPAR): +3.4% to EUR77.08
Market Focus, Local currency
- Occupancy: +21.4% to 54.9%
- Average daily rate (ADR): -6.2% to AZN167.04
- Revenue per available room (RevPAR): +13.8% to AZN91.71
The absolute occupancy level is the highest for a November in Baku since 2008. STR analysts attribute a 21.5% jump in demand to multiple events: the CASPINDEXPO Industry Exhibition (6-8 November), the United World Wrestling World Championship (8-9 November) and the Azerbaijan vs. Wales UEFA Euro 2020 Qualifier match (16 November). Double-digit increases in both occupancy and RevPAR occurred during the time period of all three events.