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- Double digit growth in global hospitality industry for Q4, with Europe leading the way
- 2023 global hotel occupancy levels are trending 10% ahead of 2022 with Q4 on-the-books reservations up 11% over last year, according to Amadeus data
There is a sense of buoyancy in the global hospitality industry as we head into the fourth quarter of 2023. According to newDemand360® business intelligence data from travel technology leaderAmadeus , global hotel occupancy levels up to the end of August 2023 have been an average of 10% ahead of 2022. For the fourth quarter of 2023, worldwide on-the-books occupancy data reveals that reservations are trending 11% ahead of those seen in 2022.
In a further boost to hoteliers, global revenue per available room (RevPAR) has grown by an average of 17% this year to date, when compared to rates achieved in 2022. France is leading the way, with RevPAR sitting 123% ahead of the worldwide average. A RevPAR spike was also recorded in June this year in France, with rates hitting $422, some 220% more than in the US during the same month.
The findings are explored in a new Amadeus report:‘Hospitality data trends 2023: The opportunities ahead’. The report reveals current and forward-looking on-the-books occupancy data, alongside RevPAR and booking lead times for hotels and short-term rentals.
Amid global growth, Europe is leading the hospitality charge. Occupancy in Europe has for the first time narrowly overtaken the US over the course of 2023 and is looking forward to a strong last quarter where on-the-books reservations are currently 20% ahead of the worldwide occupancy average for Q4. Key cultural hotspots – including Florence, Rome and Athens – have seen strong occupancy over the summer, with more to come heading into the cooler months.
Destinations and cities with large-scale events on the horizon are also seeing traction. Beyoncé is creating headlines with the Renaissance World Tour. In Seattle, the superstar played at Lumen Field on September 14th – driving a spike in hotel demand. Hotel occupancy for September 9th-11th in Seattle stood at an average of 83%, increasing to an average of 96% for September 12th-14th as fans arrived and stayed for the show. Occupancy was boosted 36% on the night of the show compared to the same night in 2022.
Similar spikes in occupancy are being seen in France during the Rugby World Cup, with demand in host cities increasing according to forward looking on-the-books occupancy data. Paris and Nice are up 5% compared to the same period in 2022, while Marseille is up 7%, indicating increased demand for hotel rooms during the event.
Katie Moro, Vice President, Data Partnerships, Hospitality, Amadeus, says: “Access to complete and credible data that can be trusted, gives hoteliers the insights they need to help drive bookings and guide marketing, revenue management and operations strategies. For example, a shift in available short-term rental properties in a market will have an impact on potential occupancy for hoteliers. Market dynamics are constantly shifting, and it’s important to track them closely and be able to move quickly to seize competitive advantage. Delivering these insights is what drives our business intelligence solutions at Amadeus.”
Hospitality data trends 2023 also highlights leading indicators uncovered by combining Amadeus’ unique business intelligence with its partnerKey Data , a leading provider of short-term rental market data around the world. The data shows short-term rentals are typically booked around a month (31 days) in advance of hotels, while air travel bookings are usually made slightly over three months (98 days) ahead of travel. By combining these data insights with forward-looking on-the-books occupancy, hoteliers can anticipate dips and spikes in demand and plan accordingly.
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