March hotel rates increased in each major global region in
March, according to STR Global. In the Americas, the average daily rate was up
3.5 percent compared with March 2011, and occupancy increased by 3.8 percent to
63.7 percent. Santiago, Chile, had the largest rate increase (up 25 percent)
while Rio de Janeiro had the largest decrease (down 13.5 percent).
The average rate in Europe was up about 3 percent in March
as occupancy remained flat. The largest increases were in Tel Aviv (up 16.4
percent) and Paris (up 13.5 percent), and the largest decreases were in
Frankfurt (down 10.7 percent) and Vilnius, Lithuania (down 10.4 percent). STR
Global managing director Elizabeth Randall in a statement noted that "the
recent reprieve in the economic environment across Europe seems to as well
apply to the Europe hotel market, as we are seeing signs of improvement and
subtle growth."
The Asia/Pacific region had the highest rate increase in
March, up 4.8 percent year over year. Occupancy increased by 4.4 percent to
69.4 percent. The largest local-currency rate increases were in Seoul (up 22.1
percent), which hosted the Nuclear Security Summit in late March, and Jakarta (up
18.8 percent). The average rate in Osaka,was down 9.9 percent, the region's largest
decline.
The avearage March rate in the Middle East/Africa region
increased by 3.3 percent year over year, while occupancy was up 14.6 percent to
65.1 percent. Manama, Bahrain, had the largest increase (up 14.6 percent). The
largest decreases occurred in Cape Town (down 8.5 percent) and Cairo (down 7.9
percent).