75% of global markets stayed above 2019 RevPAR, Dubai gained as host of COP28
STR's global “bubble chart” update through 16 December 2023 showed 75% of markets with growth in revenue per available room (RevPAR) compared to 2019. Notably, 20 of 25 European countries recorded RevPAR growth in this run-up to the holiday season, wrapping up a strong performance year around the continent.
Among countries with 50,000 rooms and adequate hotel reporting levels, the United Arab Emirates, South Korea, Singapore, France, and Switzerland led in RevPAR on an actual basis. The UAE was the only country to achieve RevPAR above US$200, courtesy of hosting COP28 in Dubai.
The top five countries for RevPAR growth against 2019 were Brazil, the United Arab Emirates, Colombia, Saudi Arabia, and Hungary. As expected, RevPAR growth in most European countries slowed prior to the festive season, but Hungary entered the top tier due to the average daily rate (ADR) increasing 55% during the period.
Middle East performance was agained boosted by a series of big events. Other than hosting COP28 in Dubai, Abu Dhabi also welcomed Grand Prix spectators in late November. Dubai Rugby 7s also added more demand to a busy calendar. For Saudi Arabia, the country hosted the Club World Cup 2023 in mid-December, the international championship for the top football club from each continent.
Excluding provincial areas, country markets, and those affected by fluctuating exchange rates, the top RevPAR performers were Rio de Janeiro, Hong Kong, Dubai, Goa and the Balearic Islands.
Not surprising, most leading markets were warmer destinations. Goa witnessed a significant 58% jump in ADR, while the Balearic Islands experienced a remarkable 31% increase in occupancy compared to 2019. Dubai, as mentioned earlier, reaped benefits from hosting major events and recorded RevPAR growth of 84%.
*Analysis by Eddie Yeung
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets. For more information, please visit str.com and costargroup.com.
