Key European Hotel Markets Show Improved Profitability But Remain Below Pre-Pandemic Levels
Europe's key hotel markets are showing improved profitability but remain below pre-COVID-19 pandemic levels, according to hotel industry market data firm STR.
A statement published STR's website said, "The hotel industries in Amsterdam, Berlin, London, Moscow, and Paris each reported improved profitability, but all remained well below pre-pandemic levels, according to STR's August 2021 monthly P&L data release."
The statement added, "Building on its launch in the U.S., STR now features monthly P&L data reporting in Europe, the Middle East, Asia Pacific, and the Americas (excluding U.S.).
"Using U.S. dollar constant currency, August was the first month of the pandemic-era in which all five of these key European markets posted positive levels of gross operating profit per available room (GOPPAR).
"Moscow, which had reached as high as 98% of its comparable 2019 level back in May, led the major European markets with GOPPAR of US$44.87 (78% of 2019 comparable).
"Berlin, which had been at -12% of its 2019 GOPPAR in July, returned to a positive level of US$12.60 in August.
"London showed slow and steady improvement over the summer months but remained at just 23% of 2019 GOPPAR in August at US$27.78."
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