Across Italy, October occupancy dropped 13 percentage points from October 2007 to 66 percent, and the month's average room rates declined 9 percent from last year to €149. The October results worsen the year-to-date figures when compared with year-to-October 2007. The first 10 months of 2008 show a 6-percent occupancy decline to 61 percent, a 2-percent drop in average rate to €150, and an 8-percent decrease in RevPAR to €92.
Year-to-October 2008 results for selected Italian markets
Source: STR Global
'Demand has been falling in the main Italian cities since spring this year', commented James Chappell, managing director of STR Global. 'Milan and Turin have only started to see declining demand levels since July and September, respectively, which will put pressures upon their occupancy and average rate levels as we have seen in other Italian cites'.
'So far, Turin countered the country-wide trend through its increased marketing activities, increased cultural events and MICE (meeting, incentive, conference and event) business', said Marco Malacrida, area director of STR Global in Italy. 'The city's increased destination marketing campaigns in national and international media, promoting multiple cultural and gastronomic events, combined with addition of new branded hotels and refurbishment of existing room stock boosted Turin's hotel offering'.
For more information regarding data from Italy and other countries around the world, please visit www.strglobal.com.
About STR & STR Global
For more than 20 years, Smith Travel Research has been the recognized leader for lodging industry benchmarking and research. Smith Travel Research and STR Global offer monthly, weekly, and daily STAR benchmarking reports to more than 36,000 hotel clients, representing nearly 5 million rooms worldwide. STR is headquartered in Hendersonville, Tenn., and STR Global is based in London. For more information, visit www.smithtravelresearch.com or www.strglobal.com.
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