Even if the average occupancy rates rose modestly in the first three-four months this year, the revenue per available room remained weak throughout the Jan-Mar period.
“Over the past three months, the RevPAR dropped from €23 in January 2009 to €21 in January 2010, from €30 in February 2009 to €27 in February 2010, and from €35 in March 2009 to €30 in March 2010. In these circumstances, I don’t think the market will recover any sooner than early 2011”, Sorin Ionescu (photo) managing partner of Fivestar Hospitality told Wall-Street.
And the market should remain within those parameters for the remainder of the year. “However hotel operators should achieve a slightly higher occupancy rate in 2010 compared to last year, but only if they keep room rates at current level. The market will recover once the demand picks up, and only then we could speak of higher rates”, said Ionescu.
Article comments "Five-star hospitality industry won’t recover any sooner than 2011"
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