Strong Q3 REVPAR Results for Hotels across Europe
The 3rd quarter of 2011 continues to show growth for independent hotels across Europe. The Xotels hotel management company portfolio has shown another 15,3% REVPAR increase, putting us YTD at 15,8% REVPAR growth ….
Remko West, co-founder and COO of Xotels comment, ‘In our city hotels we have been able to drive high occupancies with moderate ARR increases of around 5% during the summer months. And in September European cities like Amsterdam, Brussels and Maastricht have shown strong demand from the corporate and MICE markets allowing us to yield prices upwards during city wide trade fairs and conferences. At one property we even achieved a 40% year over year REVPAR growth in September.’
Patrick Landman, co-founder and CEO of Xotels adds, ‘We did not only work to increase REVPAR of our hotels, but in properties that are running 95% occupancy or more, we have been reducing the share of costly distribution channels, working only with a maximum of 15% commission. GOPPAR and profitability is rising notably as a result. Moreover, we are working strategically with the hotels to increase direct sales through their website and by phone.’
Jean Seriat Gauthier, of the Revenue Team notes, ‘Our hotels in resort destinations like Mallorca, Lazarote and San Sebastian have also showed strong results in Q3. REVPAR was increase by 90% to 19% due to better control of the market mix, and limiting overproduction and displacement by low yielding distribution channels during high demand periods.’
Here a summary of our 2011 hotel REVPAR results:
|Pantone Hotel - Brussels, Belgium||+28%||+24%|
|Theater Hotel - Brussels, Belgium||+59%||+47%|
|Qbic Hotel - Amsterdam, the Netherlands||+26%||+23%|
|Townhouse Hotel - Maastricht, the Netherlands||+9%||+24%|
|Hip Hotel St Martenslane - Maastricht, the Netherlands||+6%||+16%|
|Hotel Es Moli - Deía, Mallorca, Spain||+18%||+16%|
|Hotel de Londres - San Sebastian, Spain||+9%||+10%|
|Grand Hotel Teguise Playa - Lazarote, Spain||+19%||+16%|
‘The Outlook for October is also very good. Many of our hotels have an ADR on the books significantly above last year and target. The outlook for the fall and end of the year in Europe is very encouraging.’ Remko West notes.
‘In 2 weeks we will add a new property in Brussels, and soon we will launch sales for our new resort in Crete, which will open its doors to guests early 2012. We are also exploring to add some more creative lodging concepts to our portfolio in the Netherlands as. Investors and property owners seem to like our model. We are seeing an increase in demand for revenue management outsourcing.’ Patrick Landman ends.
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Patrick Landman @ Xotels