The hotel industry isn’t exempt from the rapid increase in the cost of living with prices 20 per cent higher in 2022, compared with the levels in 2019.

The average daily rate (ADR) in Europe rose 18.5 per cent to reach $148.97 (approx. £120 or €137) in 2022, with the figures for European venues produced by hotel market analyst STR (Smith Travel Research) also finding that properties across the continent had an overall occupancy rate fall – 64.6 per cent last year, down from 75.1 per cent in 2019, the year before COVID hit. 

The higher hotel rates allowed European properties to record a figure of  $96.25 (£78 or €89) for revpar, revenue per available room, up 6.1 per cent on 2019’s average.

Across the world, the only region to record a lower ADR last year was, perhaps unsurprisingly, Asia, with levels still 9.9 per cent lower than in the pre-pandemic year. Robert Rossman of STR said: “The industry’s resilience has been underpinned by significant pent-up leisure travel over the summer, along with the return of corporate demand, as the nature and length this business travel has evolved. Despite economic headwinds, the industry is operating from a position of strength in the new year.”