The global hospitality industry completed a healthy 2023 as hotels in 75 pc of markets globally registered Revenue Per Available Room at levels higher than 2019, says a report by hospitality industry tracker STR. The United Arab Emirates tops and is the only country with RevPAR of over USD 200.

Global hospitality industry enters 2024 on a healthy note as 75 pc of markets around the world saw hotels with higher revenues than those registered in 2019, says STR, a global hospitality industry tracking and data analyst firm.

In a press statement, STR says that its global “bubble chart” update through December 16, 2023 showed 75 pc of markets with growth in Revenue Per Available Room (RevPAR) compared to 2019. Notably, 20 of 25 European countries recorded RevPAR growth in this run-up to the holiday season, wrapping up a strong performance year around the continent.

STR adds that among countries with 50,000 rooms and adequate hotel reporting levels, the United Arab Emirates, South Korea, Singapore, France, and Switzerland led in RevPAR on an actual basis. The UAE was the only country to achieve RevPAR above USD 200, courtesy of hosting COP28, the global climate change summit that was held in Dubai and saw over 70,000 participants from around the world turn up in the Emirate for about two weeks.

The top five countries for RevPAR growth against 2019 were Brazil, the United Arab Emirates, Colombia, Saudi Arabia, and Hungary. As expected, RevPAR growth in most European countries slowed prior to the festive season, but Hungary entered the top tier due to the average daily rate (ADR) increasing 55 pc during the period.

Middle East performance was again boosted by a series of big events, notably in the UAE, where other than hosting COP28 in Dubai, the capital Abu Dhabi also welcomed Grand Prix spectators in late November. Dubai Rugby 7s also added more demand to a busy calendar. For Saudi Arabia, the country hosted the Club World Cup 2023 in mid-December, the international championship for the top football club from each continent.

Excluding provincial areas, country markets, and those affected by fluctuating exchange rates, the top RevPAR performers were Rio de Janeiro, Hong Kong, Dubai, Goa and the Balearic Islands.

Not surprising, most leading markets were warmer destinations. In India, Goa witnessed a significant 58 pc jump in ADR, while the Balearic Islands experienced a remarkable 31 pc increase in occupancy compared to 2019. Dubai, as mentioned earlier, reaped benefits from hosting major events and recorded RevPAR growth of 84 pc.