Read the CEO comments from the latest interim reports here.
The third quarter of 2022 was the first quarter since 2019 without significant pandemic restrictions. The hotel markets have now returned to a more or less normal seasonal pattern and business mix. RevPAR have fully recovered to pre-pandemic levels mainly driven by higher average prices.
Hotel demand was good during most of the fourth quarter, supported by increased business travel, stable leisure travel and good average price development in general. Demand gradually slowed during the second half of the quarter due to a new virus variant which led to increased infection rates and new restrictions. The domestic and regional hotel markets saw the best development again in the fourth quarter, with the UK remaining at the top. Occupancy in the Nordic regional markets was periodically well in line with the 2019 levels
Hotel demand increased in all of Pandox’s markets in the third quarter, supported by strong domestic leisure travel and increased business travel. The underlying drivers of the increase in demand were higher economic activity, lifted government restrictions and increased vaccination rates
