Read the CEO comments from the latest interim reports here.
The first quarter had a weak start due to restrictions and a normal season effect, but ended strong once restrictions were eased in many countries and the hotel market could regain lost ground from the winter’s Omicron-related dip. As before, domestic and regional hotel markets fared the best, but the difference between those and larger cities decreased. This is yet another step towards a normalisation in the hotel market.
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
