Berlin’s hotel industry experienced a resounding comeback, marking its most exceptional performance since September 2022, as revealed in the preliminary data from STR for June 2023.
The figures for June 2023 showcased remarkable year-over-year growth:
- Occupancy surged by 1.5% to an impressive 83.1%.
- Average daily rate (ADR) reached EUR 140.83, reflecting an impressive 13.6% increase.
- Revenue per available room (RevPAR) soared by 15.3%, settling at EUR 117.04.
The city witnessed peak occupancy levels on specific dates, with Tuesday, 20 June, taking the lead at an extraordinary 96.3%. Another high point was reached on Wednesday, 28 June, with an occupancy level of 95.4%, coinciding with the date of a highly anticipated concert by the music sensation PINK.
Throughout June, the market consistently surpassed the 90% occupancy mark on ten occasions and remained above 70% occupancy on all but four days.
STR, renowned for providing premium data benchmarking, analytics, and marketplace insights in the global hospitality sector, continues to make its impact felt. Established in 1985, the company has a formidable presence in 15 countries, with headquarters in Hendersonville, Tennessee, and international bases in London and Singapore. CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics, and online marketplaces, acquired STR in October 2019, further enhancing its capabilities.
Berlin’s hotel industry’s triumphant performance in June 2023 reflects a hopeful rebound for the city’s hospitality sector, providing a strong foundation for future growth and prosperity.