ECONOMY


STR company: the highest increase of Europe's hotel industry was in Azerbaijan

Lisbon, April 25, AZERTAC

Azerbaijan has shown high growth rates in Europe on 3 main criteria used in hotel business efficiency. It was mentioned in the article entitled "Europe's hotel industry has shown growth in the first quarter of 2017" published on the portal publituris.pt of Portugal. The hotel business is usually measured by Occupancy, ADR, RevPAR index rates.

According to the STR analytic company, with one of the world’s most improved economies in 2017 and rising 13 spots in the World Economic Forum’s global ranking, Azerbaijan's capital saw massive improvements in hotel performance in the first quarter of the year.

Occupancy increased by +74.9 percent to 49.5 percent as RevPAR increased by +119.5 percent to AZN84.85 since Q1 2016. While ADR increased by +25.5 percent to AZN171.46 percent, exchange rate fluctuations made the destination cheaper for many international visitors. STR analysts note the performance growth is particularly impressive considering the market experienced significant supply growth of 18.1 percent in 2015 and 6.8 percent in 2016.

Aygun Aliyeva

Special correspondent

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