Double digit growth in global hospitality industry for Q4, with Europe leading the way
2023 global hotel occupancy levels are trending 10% ahead of 2022 with Q4 on-the-books reservations up 11% over last year, according to Amadeus data
According to new Demand360 business intelligence data from Amadeus, global hotel occupancy levels up to the end of August 2023 have been an average of 10% ahead of 2022. For the fourth quarter of 2023, worldwide on-the-books occupancy data reveals that reservations are trending 11% ahead of those seen in 2022.
Key takeaways
- In a further boost to hoteliers, global revenue per available room (RevPAR) has grown by an average of 17% this year to date, when compared to rates achieved in 2022;
- France is leading the way, with RevPAR sitting 123% ahead of the worldwide average. A RevPAR spike was also recorded in June this year in France, with rates hitting $422, some 220% more than in the US during the same month;
- Occupancy in Europe has for the first time narrowly overtaken the US over the course of 2023 and is looking forward to a strong last quarter where on-the-books reservations are currently 20% ahead of the worldwide occupancy average for Q4.
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