Travel, Tourism & Hospitality
Miami, Qatar top markets for hotel profit recovery: STR
Miami and Qatar led the major global markets in hotel profit recovery for 2022, according to STR‘s full-year P&L data release.
Miami and Qatar led the major global markets in hotel profit recovery for 2022, according to STR‘s full-year P&L data release.
Both markets’ gross operating profit per available room (GOPPAR) surpassed 2019 levels, with the metric reaching 155% of the 2019 comparable in Miami. Helped by the World Cup, Qatar’s GOPPAR indexed at 152%. Qatar is designated as a market in STR’s database due to its size and composition.
Noted below are the key market outliers by each region:
* Middle East: While Qatar led in terms of recovery, Dubai had a higher GOPPAR level ($132.68) and came in a close second in terms of recovery, at 140%. Oman, while improved year over year, showed the lowest recovery at 78% of the pre-pandemic comparable.
* Europe: Paris’ GOPPAR ($173.02) was 123% of its comparable 2019 level. London ($105.17) was the next closest market at 88%. Berlin ($34.67) recaptured just 60% of 2019 GOPPAR.
* Asia Pacific: New Delhi ($51.00) was the only major APAC market to achieve 100% of its pre-pandemic comparable. Singapore ($83.57) and Bali ($49.37) came in at 87% and 81% of the 2019 comparables, respectively.
* North America: Behind Miami, Toronto’s GOPPAR level ($88.03) came in at 100% of the 2019 comparable. San Francisco’s GOPPAR ($50.86) was furthest away from its pre-pandemic comparable at 41%.
* South America: Bogota’s GOPPAR came in at $36.83, which was 106% of the pre-pandemic comparable. Rio de Janeiro ($17.17) saw the next-highest GOPPAR comparison (71%). Lima ($5.74) was at just 14% of the 2019 comparable, the report said. -TradeArabia News Service