STR Global Adds Hotel Market Forecast Reports for Barcelona, Tokyo

STR Global, which reported April gains for the U.S. hotel industry earlier this week, announced the addition of two new Hotel Market Forecast reports covering Barcelona and Tokyo. The reports are based on the latest hotel data collected by STR Global and modeled by Tourism Economics, a division of Oxford Economics, providing a five-year hotel market outlook for the cities.

"Whilst Barcelona has enjoyed positive revenue per available room (RevPAR) growth in 2011 and the first quarter this year, the outlook shows a more balanced picture. With the current uncertainties surrounding the Euro zone, Barcelona is predicted to experience short-term RevPAR decline in 2012 before recovering slightly in 2013,” said Elizabeth Randall, managing director at STR Global. "On the other hand, we are pleased to see double-digit RevPAR growth forecasted until the end of this year as Japan's economy and market rebound from the 2011 tsunami and earthquake".

Tokyo's outlook for 2012 is positive, with RevPAR growth expected to increase by 13.9 percent year on year, led by both occupancy and rate growth. This is coming off weaker results in 2011. Tokyo achieved occupancy of 71.5 percent (down 9.7 percent) in the first quarter of 2011.

Barcelona's outlook shows only slight changes in performance for this and next year. This follows stronger growth in 2011, when Barcelona saw RevPAR performance grow by 8.5 percent to 81.68 euros. Growth was led by increased occupancy (up 4.5 percent) and rate (up 3.8 percent).

While the economic forecast in the Euro zone remains uncertain, STR’s forecast predicts that RevPAR will decline (down 0.7 percent) in 2012 before recovering in 2013 (up 0.8 percent). In 2012, RevPAR is predicted to be led by decreasing occupancy (down 1 percent), while in 2013 rate and occupancy are expected to stay almost flat against 2012. The positive outlook in 2013 is boosted by MICE business, which is expected to host several high-profile events in Barcelona.

This will be a relief from less optimistic economic news, according to the Tourism Economics forecast issued in April, with GDP in Spain expected to contract by 1.7 percent in 2012 and further declines in 2013 by 1.5 percent.

http://www.travelpulse.com/str-global-adds-hotel-market-forecast-reports-for-barcelona-tokyo.html