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Market overview 2020

A year characterised by Covid-19

The year began with stable demand and good prospects in the hotel market. When a more extensive spread of infection – which was initially expected to be limited to China – was noted in Europe and the WHO upgraded Covid-19 to a pandemic in March, demand in the hotel market decreased dramatically and rapidly. The hotel market in Europe bottomed out in mid-April and then gradually started to recover through the remainder of the second quarter. When the European holiday season began in July, which coincided with some easing of national and international travel restrictions, a significant increase in demand was noted, primarily driven by domestic leisure travel. The positive trend from the summer continued into October when a new wave of the virus and government restrictions again caused a fall in demand. This resulted in a considerable decrease in occupancy in the hotel market during the final months of the year.

RevPAR development yearly (in local currency).

 FY
2013
FY
2014
FY
2015
FY
2016
FY
2017
FY
2018

FY
2019

FY
2020

        
Montreal6%10%7%9%12%-1%4%-76%
        
Europe2%6%7%2%6%5%2%-69%
London1%3%2%-1%4%3%4%-78%
Brussels2%3%2%-18%19%12%7%-77%
Berlin0%5%8%4%2%7%1%-69%
Frankfurt 5% -2% 9%-2%  4%-3%-3%-72%
        
Stockholm0%2%9%8%-1%2%1%-69%
Oslo4%1%8%3%12%1%-2%-66%
Helsinki-5%2%2%7%9%3%6%-71%
Copenhagen6%4%11%13%2%2%-3%-76%

Source: STR Global, Benchmarking Alliance, Statistics Finland