Hotels in Europe Surpassing RevPAR Expectations is Good News for Travel Industry

The largest hotel group in Europe, Accor, announced on
Thursday that revenue per available room (RevPAR) is expected to improve faster
than expectations, with all regions and brands showcasing strong performances.

According to Reuters.com, Accor revealed that its RevPAR for 2024 is
forecast to increase by four to five percent, beating previous expectations of
three to four percent annually. This is thanks in part to positive global
travel trends despite economic uncertainty. 

“We expect very good momentum in the Middle East, Southeast
Asia,” Accor finance chief Martine Gerow told Reuters. Gerow also revealed that
the Paris Olympics added optimism for the third quarter across Europe and Africa.

Accor credits the continued success of the luxury and
lifestyle property categories for the more positive outlook. Company officials
also revealed that in half a year, RevPAR grew by six percent, partly driven by
international events. 

“Given the geographical diversification of our portfolio,
and in particular in the fastest-growing regions, Accor will benefit from this
expected growth,” Gerow continued.

Earlier this week, hotels in Hawaii
reported lower occupancy in June and during the first half of the year, but
still lead the United States in hotel revenue, according to new data from STR and
published by the Hawai’i Tourism Authority, which has been campaigning to bring
more travelers back to the state since May.

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