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 | | MOSCOW HOTELS NEWS |
| 21 August 2008 |
Moscow Hotels are Second in Profitability
Moscow came second again. This time it is second in revenue per available room (RevPAR). Thus, Moscow achieved some of the highest RevPAR results in Europe at 166 euro, just a little less than Paris, which is rated first.
Analysis was done by Deloitte, a business advisory firm. It was based on the financial statements of 7,200 hotels in Europe, including Russia. During the first four months of 2008, RevPar increased by 28.1% in Moscow, and by 35.9% in St.Petersburg.
The Deloitte research shows that revenue per available room in Moscow is 166 euro, while in Paris, which occupies the first line, it is 173 euro.
According to Deloitte analysis, Moscow showed the RevPar growth of about 25%, while developed European countries show the RevPar growth at 3 - 4%. Experts believe that this impressive hotel performance is going to last at least until 2013. This period is considered to be the most favourable for investments.
Such double-digit RevPAR growth is driven by increases in average room rates due to the room deficit. It is likely Moscow hoteliers will see a downturn in 2013, when the room capacity reaches 8,000. The demand will be satisfied then. Currently, an average room rate in Moscow is 260 euro, while it averages 108 euro in Europe.
References:
RevPAR = A/Rooms Available, A is ADR (the average daily rate), the average price per room sold.
RevPAR is a primary statistic indicating hotel industry attractiveness for investors.
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