INTERNATIONAL
REPORT — Europe was the standout in July for STR’s global “bubble-chart” update
with Greece, Switzerland, France and Italy showing the highest RevPAR gains
along with Singapore.
Those same
countries were also the leading RevPAR countries in STR’s last update in June.
Greece led the list with the highest growth rate of RevPAR (up 13%) because of
a substantial ADR growth (up 23%).
Overall, 37
of 48 countries with hotel supply greater than 50,000 rooms recorded growth in
RevPAR from 2023 for the July report.
France
continued to show slower performance compared to the previous year (RevPAR was
27% lower year over year for the July report) as demand was displaced ahead of
the Paris Olympics but that trend will change with the event starting last
week. STR said through July 22 that occupancy was trending between 80%-90% for
all but two dates during the Olympics so the country is poised to make
substantial ADR and RevPAR gains over the next month.
STR said the
leaders in year-over-year RevPAR growth were Japan, the Czech Republic,
Indonesia, Malaysia and Germany. Japan had the top spot for the third
consecutive period, thanks to its strong rate growth. Germany joined top five
because it was hosting the Euro 2024 soccer competition.
The
top RevPAR markets for this period featured three cities in Germany (Ruhr, Düsseldorf
and Cologne) as well as Santiago, Chile and Toyko. The Euros helped spike
RevPAR performance year over year in Germany with Ruhr seeing the highest
RevPAR growth (up 104%), followed by Düsseldorf (up 53%) and Cologne (up 42%).