Dublin's hotel industry continues to recover from economic crisis
Dublin’s hotel industry is continuing to recover from the global economic crisis, according to new research published by PricewaterhouseCoopers.
A survey of hotel markets in 19 European cities by the accountancy firm, ranked Dublin second in terms of the amount of revenue hoteliers raised per available room (RevPAR) last year.
RevPAR growth is calculated by multiplying a hotel’s average room rate by its occupancy rate.
RevPAR growth of 13.9 per cent was achieved in Dublin hotels in 2012 following 11.7 per cent growth in 2011. The 2012 figure is still 20 per cent below the 2006 peak, according to PwC’s European Cities Hotels Forecast.
Revenue growth for St Petersburg was 14.1 per cent, with Prague coming in at 13.1 per cent and Paris at 9 per cent.
The forecast expects revenue growth for the European hotel industry to slow in 2013. Occupancy levels increased by 4.3 per cent last year, but a more modest growth of 1.2 per cent is expected in 2013, PwC said.