European Hotel Performance Tumbles Since Ukraine War
Photo Credit: War in Ukraine hindered overall hotel performance across Europe while an Omicron surge impacted hotels in China. PxHere
Skift Take
It's still only one data point, but Europe's softened hotel performance is a warning signal to major hotel company executives who previously tried to downplay the impact the Ukraine War would have on their European portfolios.
War in Ukraine appears to have finally made an impact on European hotel revenue.
European hotel performance was 27 percent off 2019 levels last week compared to a 13 percent decline the week prior, according to STR data. The 13 percent decline was an improvement from three weeks ago, and analysts at the time were unsure why hotel performance was improving during Russia’s invasion of Ukraine.
The drag on performance arrived after major hotel companies like Accor, Hilton, Marriott, and IHG announced they would continue operating hotels in Russia but pause plans for future openings, development, and investments there.
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