Absolutely all performance indicators, including occupancy rate, average rate, RevPAR (revenue per available room), for both Bucharest hotels (affiliated and non-affiliated) and those in the country affiliated with an international brand, have increased, in some cases spectacularly, according to data processed by the hotel consulting company Fivestar Hospitality.
From January 1 to the end of July 2017, absolutely all performance indicators—occupancy rate, average rate, RevPAR (revenue per available room)—for the hotels in the market considered by the STR private statistics system show a positive evolution.
The RevPAR growth for affiliated hotels outside Bucharest YTD (year-to-date) 2017 vs. 2016 is 12.5%, compared to Bucharest hotels, for which RevPAR increased by "only" 6%. The data comes from a Fivestar Hospitality processing of Romanian data from the company STR (str.com).
Looking at the same first seven months of this year, Bucharest hotels were occupied at a rate of 72.1%, and affiliated ones in the rest of the country at 63.8%. The average rate increased to 76.7 euros in Bucharest and to 51.7 euros outside Bucharest.
Now looking at the last full years, the occupancy rate in Bucharest was 71.3% vs. 68% in 2015, compared to the situation outside Bucharest where 2015 brought 56.8% and 2016 61.2%. The average rate in Bucharest was 76.1 EUR in 2016 and 73.2 EUR in 2015, while outside Bucharest it was 50.2 EUR in 2016 and 52.8 EUR in 2015.
RevPAR (revenue per available room) in Bucharest was 54.6 EUR in 2016 and 50 EUR in 2015, while in the rest of the country things moved slower at 30.2 EUR in 2016 and 30 EUR in 2015.
Data was collected from a sample of 1,924 rooms in chain hotels outside the Capital and 4,905 relevant rooms in Bucharest (both affiliated and non-affiliated). "These positive data encourage Romanian investors, but also many foreign entities, to act firmly to enter the Romanian market. I am sure that very soon we will hear about significant transactions with hotel assets in Romania," says Alexandru-Sorin Ionescu, founder of Fivestar Hospitality.
Source: Profit
Frequently Asked Questions
What was the RevPAR growth for hotels outside Bucharest?
RevPAR growth for affiliated hotels outside Bucharest was 12.5% in the first seven months of 2017 compared to 2016.
What was the occupancy rate for Bucharest hotels in 2017?
During the first seven months of 2017, Bucharest hotels reached an occupancy rate of 72.1%.
Who provided the statistical data for this report?
The data was provided by the STR private statistics system and processed by the hotel consulting firm Fivestar Hospitality.