Europe Hotel Results Q2 2012 : continued strong performance
Banks and governments might be struggling, but travel is surely on the rise in Europe. Regardless of the economical struggles in the financial market over the last few months, the European hotel industry is showing strong signals and results. Xotels reports 9,8% RevPar growth in Q2 for its independent hotel portfolio. And heading into the summer months the promising performance continues to hold.
'It seems both corporate and leisure travel continue to rebound. We see many city destinations are benefiting of well visited conference, congresses and exhibitions. Weekends are and holidays are flourishing in destinations across Europe. And even weaker leisure markets like Brussels are showing a small increase in demand during vacation periods. Group, meeting and event segments also continue to grow.’ Patrick Landman, co-founder and CEO of Xotels comments.
'Results for our hotels in the Netherlands are strong as always with 11% RevPar growth in Amsterdam and a 10% RevPar increase in Maastricht. Performance in Belgium was good as well. We delivered 11% growth at the St-Nicolas Hotel in Brussels. The Theater Hotel in Brussels went through an expansion which made us hand in a bit of ADR to gain a 30% revenue growth. Even though Spain is going through challenging times, the travelers did not stay a way. We increased performance by 8% in Mallorca and 16% in San Sebastian, where we achieved a record 148% RGI in June.' Remko West, co-founder and COO of Xotels adds.
'The performance outlook for Q3 is good. The summer months are looking promissing for our resort properties. In our city markets we are holding ground vs last year and will probably see some incremental growth. We are launching promotional campaigns to unload distressed inventory in some weaker summer destinations. We expect to offset the lower demand this way.' Patrick notes.
He continues, 'We have an exciting time ahead of us with the opening of the Rimondi Grand Hotel & Spa Resort in Crete. We also have just taken on the revenue management of a hotels in Paris, Edinburgh and Miami and are talks with properties in London and Berlin.'
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Patrick Landman @ Xotels