STR’s global “bubble chart” update through 19 November 2022 showed the strongest performance of the year thus far. Egypt, Argentina, Israel, Singapore, and the United Arab Emirates were the top five performing countries in revenue per available room (<strong>RevPAR</strong>) on an actual basis. Europe saw less representation at the top of the leader board, partly due to seasonality with the colder months arriving around the continent, but a continued strong position in relation to pre-pandemic comparables. Egypt benefited from hosting the UN Climate Change Conference COP27 in early November as its RevPAR reached $154.
Twelve countries recorded growth in both occupancy and average daily rate (ADR) during the 28 day-period. That total was four countries more than the previous update. While 37 countries grew RevPAR, 8 of the 11 countries still behind their 2019 comparables were in Asia. On the other hand, Europe maintained its strong recovery position as 4 of the 5 top performing countries in RevPAR were in the continent. This indicates a continued deviation in performance between Asia and the rest of the world.
At a market-level, Munich joined the RevPAR top five for the first time thanks to its strong event calendar and rescheduled events. Algarve also shined with occupancy growth of 25% versus its 2019 comparable.
A noteworthy observation is that Qatar, in the leadup to the World Cup, reached ADR growth of nearly 100% while occupancy was still behind 34% below 2019 levels. For the period, Qatar’s occupancy was only 47% versus 81% in the UAE. Of course, Qatar’s occupancy will be much higher in the next update, which will include the primary World Cup period, as preliminary data has shown levels doubling in the host country.
To learn more about the data behind this article and what STR has to offer, visit https://str.com/.
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