Hotel rates in September increased year over year in most
global regions but declined in the Middle East and Africa, according to STR
Global.
In the Americas, the average rate increased by 3.8 percent
and occupancy increased by 5.4 percent to 63.4 percent. The largest increases
were in South America—the average rate in Buenos Aires was up 19.4 percent and in
São Paulo up 14.1 percent. In Miami, the average rate increased by 10.5
percent. Montreal had the largest average rate decrease in the region, down 2.9
percent year over year.
The average European September rate, measured in U.S.
dollars, increased by 3.1 percent, STR Global reported, and occupancy throughout
the region increased by 2.6 percent to 77.2 percent. In local currencies, average
rates were up across Italy, Russia, Spain, the United Kingdom and Germany. Average
rates increased the most in Aberdeen, U.K., (26 percent) and Lisbon (25.6
percent), and were down significantly in Cardiff, U.K. (-17.9 percent), and in the
German cities of Düsseldorf (-15.4 percent) and Cologne (-12.4 percent).
STR Global managing director Elizabeth Randall noted that
the economic instability in Europe has not affected hotel demand, but cautioned
that effects on hotel demand generally lag the overall economy. Hotel demand in
Europe in the coming months could begin to slow if the region's economic
problems continue or worsen, she said.
September occupancy in the Asia/Pacific region changed
little year over year, but the average rate increased by 6.6 percent. The
largest rate increases in the region came in Hong Kong (24 percent) and Jakarta
(17.9 percent). The average rate and occupancy fell in Shanghai by 12.5 percent
and 16.5 percent, respectively.
Occupancy also was largely flat in the Middle East and
Africa during September, and the region's average rate fell by 1.5 percent,
according to STR Global. A few markets bucked that trend, including Riyadh, where
the average rate increased by 12.6 percent. Sandton, South Africa (-17.4
percent), and Beirut (-15.7 percent) had the largest rate decreases in the
region.