Festival Fever Fuels Strong Profit Growth For Europe’s Hotels

European hoteliers had cause for celebration in October, as hotels recorded a 6.1-percent year-on-year increase in profit per room. Performance was boosted by a number of major festivals hosted in key cities, according to the latest data tracking full-service hotels from HotStats. Whilst GOPPAR levels actually dipped against September—dropping to €79.57 for the month, against €96.80 last month—the considerable year-on-year growth in October was sufficient to continue to drive a strong year-to-date increase in profit per room, which is now 9.8 percent above the same period in 2017. Growth in profit this month was aided by a 6.1-percent increase in RevPAR, fuelled significantly by a 5.2-percent increase in…