The global hotel industry experienced a notable upswing in September, characterised by rising prices and occupancy rates.
According to data provided by STR, a prominent hotel industry data specialist, there were no indications of a decline in travel demand, with an “acceleration driven by the Americas,” as per the insights from data analysis conducted by the investment firm Jefferies.
In September, the global Average Daily Rate (ADR) saw a significant year-on-year increase of 6.6%, accompanied by a 3.1 percentage point rise in occupancy. Notably, ADR was also 24.3% higher than that recorded in September 2019.
Conversely, the European market depicted more nuanced trends, with some regions thriving while others faced challenges. France continued to experience strong demand, whereas Germany observed a year-on-year decline in prices. The Middle East staged a recovery after a relatively subdued August, which was influenced by the timing of religious holidays. Meanwhile, Asia remained on course for its recovery journey.
In Europe, hotel prices, as gauged by ADR, surged by 10.5% in September compared to the same period in 2022. Moreover, when compared to September 2019, rates experienced an impressive upsurge of nearly 36%.
This data underscores the global hotel industry’s resilience and adaptability in navigating the complex landscape of travel trends and economic challenges. As we move forward, the industry continues to find opportunities for growth and development, with each region offering its own unique narrative of progress and adaptation.