欧洲住宿气压计行业市场前景及投资研究报告-培训课件外文版2024.5

European

AccommodationBarometerFall

2023Table

ofContents01ExecutiveSummaryPg30203EconomicSituation

ChallengesandandInvestmentsOpportunitiesPg8Pg170405Appendix

ACountryInsightsPg36DigitalizationandSustainabilityPg25GovernmentPoliciesandSupportPg32AppendixBListof

SurveyQuestionsPg56MethodologyPg57Table

of

Contents2European

AccommodationBarometerFall

2023ExecutiveSummary01

ExecutiveSummaryA

HotSummerDespitethethreatof

inflationandacost-of-livingcrisisinmanycountriesworldwide,

theresultsof

theFall

2023European

AccommodationBarometerfurtherbolstersoptimismamonghoteliersacrossthecontinent.

Asawhole,

thesummerof

2023hasbeenaresoundingsuccess.

Hoteliershaveseenyetanother6-monthperiodoutdothelast.AndforthefirsttimesincetheBarometersurveybegan,

themajorityof

respondentsnowexpecttheireconomicsituationtodeveloppositivelyoverthenext6months.Buildinguptothebestyeartodate!Intheprevioussurvey,

heldbeforethesummerseason,

weaskedoverathousandEuropeanhoteliersif2023wasgoingtobeayearofrecordrevenues:46%concurred.Thissentimentprovedprescient.

InSeptember,

Eurostatassessedtheactualperformanceof

thesectorandconfirmedthat,

inthefirsthalf

of2023,

thenumberof

nightsspentinEuropeantouristaccommodationsreachedandexceededthepre-COVIDbenchmarkyear2019.Withregardtobusinessdevelopmentoverthepast6months,

NordicbelowtheEuropean

averageonmosteconomicmetricsbut,

nevertheless,showsthemostimpressive

upwardtrend

acrossall3

waves.accommodationshavecomeoutontopwith8in10characterizingtheirsummerseasonasgoodorverygood–perhapsbenefitingfromtherevivalof

domestictravelandthoseholidaymakerseagertoavoidthesummer’sblazingheatwaves.Overthepast6months,

62%ofEuropeanaccommodationbusinessesreportedanincreaseinroomrates,up11percentagepointsfromthepreviousperiod.

Occupancylevelsalsocontinuedtheirskywardstrajectory,

with68%experiencinganincreaseandonly4%not.

ThesurveyresultsreflectactualoccupancyrateHowever,

thelureof

sunandsandstillbroughtplentyof

touriststothesouth,withPortugalandItalyjustbehindwith76%of

respondents

reportinggooddevelopmentsoverthelast6

months.The

Nordicsandsoutherncountrieswerealsoslightlymore

likelytosaythattheircurrenteconomicsituationwasgoodorverygood(70%ormore).TheonlyexceptionisGreece,

whichhastypicallyperformedAswelookbackonthepast2surveywavesof

the

AccommodationBarometer,

7in10respondentshaveconsistentlyreportedgoodorverygoodbusinessdevelopments.Althoughtheyearisnotoveryet,thetravelandtourismsectorinEuropeseemslikelytosurpasstheexpectationsexpressedbyhoteliers.7in10Europeanaccommodationshaveconsistentlyreportedgoodorverygoodbusiness

development

overthelastyearandahalf.Table

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ContentsEuropean

AccommodationBarometerFall

2023A

HotSummergrowth–calculatedbyUNWTO–whichhasalsorisensteadilyovertheyearandcurrentlyshowslittlesignofslowingdown.economicsituation

asgoodorverygood.

Incontrast,

theshareof

hotelierswhosawadversedevelopmentsoverthepast6monthsreached

rock

bottom

at4%.

Just5%of

thosewesurveyedcharacterize

thecurrent

economicsituation

asnegative.Lookingahead,

themajority(59%)nowbelievethenext6monthswillbringapositiveorverypositivedevelopment,

pushingthisnumbertomorethanhalf

forthefirsttime.

Asthesummerseasonwindsdownandwinter2023/2024commences,

thisyearhasalreadydeliveredbeyondexpectations.This

continuestoboostconfidenceamonghoteliers:72%characterizepastdevelopmentsasgoodorverygood;and68%viewtheircurrentThe

outliers–Germany,

Austria,

andtheNetherlandsHoteliers’sentimentsfromGermany,Austria,

andtheNetherlandsdivergefromtheoverallEUtrajectory,mostnotablyfromtheupwardtrendinassessingpastandcurrentperformance.

WhiletherestofEuropepostedanimprovementacrossall3waves,

thesecountrieshavenotseenthesamecontinuousupswingastheirneighbors.goodorverygood,

andmorethan85%of

Dutchaccommodationswerepositiveabouttheircurrentstateof

developmentinthe2022andsummer2023waves.

Withtheseexceptionalfigures,

therehasn’tbeenmuchroomforgrowth.forecast,

theGermaneconomywillshrinkby0.4%in2023.

AlthoughGermanhoteliersmatchedtheirEUneighbors’assessmentof

pastdevelopmentsat71%seeingitinapositivelight,

nearlyhalf

oftheGermanaccommodationswesurveyed(49%)characterizedtheircurrenteconomicsituationasgoodorverygood.

Onitsown,Dutchhoteliersnowsitcomfortablyat

theEuropean

average

of

around70%–

expressing

positivesentiments

thisresultcommunicatesasolidForAustriaandtheNetherlands,

thisappearstobeacaseof

reachingthepeakaheadof

others.

Inthesummer2023wave,

82%ofAustrianssaidtheirpastdevelopmentwastoward

theircurrent

andpastdevelopments.

Austrianshavealsosettled

ona

pastdevelopmentshare

(75%)just3

percentagepointsabovetheaverage

butslightlyunderperformingwhenitcomestosatisfaction

withtheircurrent

economicsituation,

63%compared

to68%of

Europeanaccommodations

overall.senseof

optimism,

butnotwhenyoucompareittothe68%averageacrosstherestof

EUcountriescoveredbytheBarometer.GermanhoteliersscoredlowerthantheEuropeanaverageonallof

thesurvey’seconomicdevelopmentmetrics,

includingaccesstofinancing,occupancyrates,

androomratedevelopment.

ThelatterwasthefurthestfromtheEuropeanaverageat36%vs.

62%.

OptimismforcontinuedgrowthremainscomparativelyGermany’sBarometerresults,

ontheotherhand,

appeartoreflectthecountry’scurrenteconomicwoes.

AccordingtotheEuropeanCommission’slatestlow,

withjustathird(32%)ofaccommodationsindicatingthattheythinktheirbusinesswilldeveloppositivelyinthenext6months,comparedtotheEUaverageof

59%.62%of

accommodationsacrossEuropeseeofferinglocalexperiencesasoneof

theirbiggestbusinessopportunities.Table

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Contents4European

AccommodationBarometerFall

2023A

HotSummerChainhotelscementtheirascendenceintheEuropeanaccommodationsectorIndependentbusinessesarecontinuingtodowell;andtheireconomicdevelopmentisonparwiththeEuropeanaverage.Meanwhile,

chainbusinessesmaintaina

noticeable

leadoverindependently-managedproperties,andsizedoesmatter.Biggerhotelscanweather

economicstormsoverlongerperiods,

havemore

capitaltoleverage

againstloans,

andcanbenefitfrom

economiesof

scale.The

latter

isespeciallypertinentnowwhenthecostsof

inputsandservicesare

ontherise.

The

Fall2023Barometer

reveals

that

astaggering94%of

large

hotelsof250employeesormore

experiencedpositivebusinessdevelopmentinthepast6

monthsand84%sawtheiroccupancyrate

increase.smallerandindependentbusinessesacrossalleconomicmetrics:fromaccesstofinancingandcapitaltooccupancyandaveragedailyratedevelopment.

Ultimately,

66%ofindependentaccommodationssaidthattheircurrenteconomicsituationisgoodorverygood,

comparedtoanimpressive75%of

chainbusinesses.55%of

chainhotelshavelittletonodifficultyaccessingfinancingandcapitalcomparedto45%of

independentbusinesses.ThedisparitiesbetweenchainandindependentbusinessesmakeitclearthatchainbusinessesdohaveaneconomicedgeoverInvestmentappetiteislevelingoutConsequently,

alargerproportionof

chainsarepreparedtoinvestmoreintheirbusinessinthenext6monthsthanindependentproperties.For

bothpropertytypes,

thepushtoinvestmoreappearstobelosingsteamandmorehoteliersnowseemtobecontentwiththeircurrentpaceof

investment.

Around3in4respondents(76%)nowsaythattheywillinvestaboutthesame,

whichisalargerampupfromlessthanhalf

intheprevious2waves.

Accordingly,thoseindicatingthattheywillspendmorehavedroppedfromoverone-quarter(28%)tojust12%.However,

thesefiguresdonotrevealaspendingretrenchment–onthecontrary,

theshareofhoteliersintendingtospendlesshasalsoshrunkto10%.

Europeanaccommodationshavelikelyfoundtheirinvestment“sweetspot”afteraperiodof

pandemic-inducedrapidchangethatnecessitatedadditionalexpendituresoneverythingfromdigitalupgradestoCOVID-safeinteriordesign.Shareof

hoteliersintendingtomaintaintheircurrentinvestmentlevelsOverallinvestmentSustainability76%76%Digitaltransformation78%Table

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Contents5European

AccommodationBarometerFall

2023A

HotSummerRegionaldistinctionsOnthewhole,

thecountriescoveredinthisreportaremovingalonganupwardtrendline.

Theeconomicsituationisimproving,

hoteliersarebecomingincreasinglyoptimisticaboutthefuture,

andinvestmentisbecomingmoreconsistent.

ButthepictureisnotuniformacrosstheEU,andtherearesignificantoutliers.Greekaccommodationsare

nowseeingsteadygrowthdespiteunderperforminginpastsurveys.Intermsof

accesstocapitalandappetiteforfutureinvestments,GreekaccommodationsreportedsentimentsbelowtheEUaverages.

Whilethatappliedtoall3waves,

ithasstillshownimprovementsfromonesurveytoGreeceandothersoutherndestinationslikeItaly,

Spain,

andPortugal

reportedrobust

ADRandoccupancyrategrowth.

TheEUaverageforthepositiveresponserateinthoseareasreached62%and68%respectively,

butthese4SouthernEuropeancountriesaveragedatanevenmoreimpressive73%for

ADRand71%foroccupancyrategrowthsatisfaction.thenext.

Inthefall2023wave,

Greekaccommodationsnolongerholdthelastplaceintermsofaccesstofinancing.Germanyand

Austriaagain39%nowconveyhavinglittletonodifficultyaccessingperformedbelowaverageonthesemetrics,

whileFrance,

theNetherlands,

andtheNordicssatfunding–onlyjustabove

atorslightlyaboveaverage.

InGermany,

whichhasfallentothe34%mark.

Inthiswaveof

the

AccommodationBarometer,

Germanyand

Austriaareindeedexperiencinggreaterandmorediversechallengesandweremorelikelytorateissueslikecustomeracquisition,

regulation,

andeconomicuncertaintyaschallengesfortheirbusinesses.thisBarometer,

GreecejoinsSpainasthetop2countrieswhichplantocontinuetheircurrentlevelof

investment(84%and86%respectively)andareamongtheleastlikelytoscaleback.fOpportunitiesabound,

butstaffingchallengesare

growingWhenaskedabouttheirgreatestopportunities,

Europeanaccommodationshaveshiftedtheirfocusslightlyfromthemacroobjectiveof

attracting

internationalandcountrytocountry.

HoteliersfromEurope’snumberonedestinationforinternationaltourists,

France,continuetoprioritizetourismfromabroad,

with64%highlightingthisasanopportunity.

77%of

Germanaccommodations,

ontheotherhand,

chosedomestictourismastheirleadingopportunity.

AttractingGenerationZtravelerswasof

higherinterestforGreekandFrenchAstheEuropeanaccommodationsectorreturnedtothepre-COVIDnumberof

roomnightssold,

hoteliers’eternalpriorityof

maximizingoccupancyhasreemergedinfullstrength.

Listingondigitalplatformswasnominatedasthemosteffectivetoolat51%support,

closelyfollowedbyofferingtargeteddiscounts(49%)andinvestinginesthetics(43%).Lessimportantweretheold-schoolmechanismsof

sellingroomsdomestictourismtomore

targetedsolutionstomaximizeoccupancy.Offeringlocalexperiences(62%),attractingfamilies(56%),

andencouraginglongerstays(55%)arenowthetop3opportunitiesforthecoming6months.

However,thereisexpectedvariationfromaccommodations,

whiletwo-thirds(76%)ofAustrianssawanopportunityinsustainableproductsandservices.towholesalersormarketingontraditionalmedia.Table

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Contents6European

AccommodationBarometerFall

2023A

HotSummerAtthesametime,

thestrugglewithrisingcostsismounting.

Energypricescontinuetobeachallengethatwon’tgoaway,

butthecostsof

staff,inputs,

andservicesareseeingabigjump–addingtotheoverallfinancialwoes.

ThishasbeenparticularlyfeltbyhoteliersinGermany,

France,theNetherlands,

andtheNordics–presumablyexacerbatedbythehigherminimumwagelevelsandthecostof

livinginCentralandNorthernEurope.

TheseissueshaveundoubtedlybeenbuildingwiththeriseininflationinEurope.

Thishasnotonlyputpressureonhoteliers’bottomlinebutalsoaffectshotelworkers,

manyof

whomareinalowerwagebracketandarethereforemoresusceptibletoincreasedlivingcosts.Thereis,

however,

agreatvariationamongthecountries,

with50%of

Germanrespondentshavinganegativeperceptionof

governmentWithmanyof

thesechallengesrelated

policiescomparedto59%of

Nordicstothebroadereconomicsituation,hoteliersnaturallyseeaprominenthavingapositiveperception.

Butregardlessof

attitudes,

investmentsroleforthegovernmentinsupporting

indestinationmarketingwerebusinesses.

Half

of

EuropeannamedashavingthegreatestpotentialtosupporttheEuropeanaccommodationsector.

Atthesametime,

taxationcontinuestobeviewedasalargelynegativefeatureof

thegovernment’sinfluenceonaccommodationbusinesses.hoteliersbelievegovernmentpoliciesareimportant,

althoughthishasdiminishedfrom64%inthelastwave.Hoteliersarenowmorelikelytoperceivegovernmentpoliciesasbeneficial(35%agreeing)asopposedtoharmfultotheirbusiness(21%).Gastronomyandhospitalitygohandinhandwhile

AItakesabackseatConsumerdemandforvegan,

locallysourced,

andpackaging-freefoodanddrinkoptionsisexpanding.To

adjusttotheevolvingguestfoodoptions.

Vegan/vegetarianoptionsarealsorecognizedasbecomingmoreimportantby64%of

respondents,

with54%offeringbothoptionsattheiraccommodationincreased

marginally

from8%to11%sincethelastsurvey.

Yet,thoseplanningtouse

AIhavedropped7percentagepointsto16%.

Andnow7in10saythattheyarenotconsideringAIuseinthenear

future.preferencesistoremaincompetitive,andEuropeanaccommodationsknow

and37%offeringvegetarianbutnotit.

Thisisespeciallyimportantwhenhotelierssaythatfoodanddrinkveganoptions.contributetotheprofitabilityof

nearly

Ashoteliersappeartobefocusing4in5accommodations(78%),

withjustoverhalf

conveyingthatitisamajorcontributor.

Of

thesegrowingtrends,

hoteliershavenoticedaparticularriseincustomerswantingsustainably/regionallysourcedonthecustomerexperience

throughfoodandbeverage

preferencesandinvestmentinpremises,

thehypebehind

AIislosingsteam.

Theshareof

accommodationscurrentlyusing

AIhasonly78%of

accommodationssaythatfoodandbeveragescontributetotheirprofitability.The

European

AccommodationBarometerThisthirdeditionof

theEuropean

AccommodationBarometerisbasedonasurveyof

940executivesandmanagersacrosstheEuropeanaccommodationsector.

ItisjointlyproducedbyBandItisrepresentativeof

allEuropeanaccommodations.Table

of

Contents7European

AccommodationBarometerFall

202302EconomicSituationandInvestmentsRecoveryiscompletedandhoteliersare

nowlookingtothefuturewithmuchoptimismTable

of

Contents8European

AccommodationBarometerFall

2023EconomicSituationandInvestmentsFor

a

coupleof

decades,

growth

inthetourismsectoroutpacedtherest

of

theeconomyupuntil2019,

whichhasbecomea

benchmarkyear

fortravel.

2023marks

theyear

whentheaccommodation

sub-sectorinEurope

hasfullyrecovered

topre-COVID

levels.

Aftera

verysuccessfulsummerseason,

localhotelierscouldrejoice

overmarked

improvements

inallkey

performancemetrics,

andthefuture

looks

brightagain.Accommodations’perceptionof

theireconomicdevelopmentFall

2023Summer2023Fall

202250%50%%PastdevelopmentCurrentstateFutureexpectations4%(Very)poor72%(Very)good5%(Very)poor68%(Very)good4%(Very)negative59%(Very)positiveOptimismreturnsWhenaskedtocommentontheirbusinessdevelopmentovertheprevious6months,

themajorityofaccommodationprovidersrateditas(very)good(72%).

Thisreflectsthecontinuedstrongrecoveryof

theaccommodationsectorfueledbyasuccessfulsummerseason.of

respondentsgivingapositiveevaluationof

thecurrenteconomicsituationhasalsoseenaclearupwardtrajectory:68%of

surveyrespondentsassessedthecurrentstateof

theirbusinessasgoodorverygood,higherthaninthesummer(61%)andin2022(57%).Ontopof

theexceedinglypositivesentimenttowardrecentdevelopments,

thepercentageTotal

numberof

nightsspentinEUtouristaccommodationsinthefirst6monthsof

2019-2023(inmillions)Butthegreatestupliftinsentimentcanbeseenwithregardtohoteliers’expectationsforthefuture:asmanyas59%of

Europeanaccommodationprovidersreportedapositivefutureoutlook,

11percentagepoints1,1931,1821,057morethaninthesummerand21percentagepointsmorecomparedtotheinauguralBarometer.475407Thepositivesentimentechoesthenumberof

actualroomnightsspentin2023.

EU-wide,

roomnightsinthefirsthalf

of

2023exceededthe2019level,andmostof

thecountriessurveyedperformedwell,

withthe2023roomnightsnearingorexceeding2019.Jan-Jun2019Jan-Jun2020Jan-Jun2021Jan-Jun2022Jan-Jun2023Source:EurostatTable

of

Contents9European

AccommodationBarometerFall

2023EconomicSituationandInvestmentsComparisonof

thenumberof

nightsspentinEUtouristaccommodationsinthefirst6monthsof

2019vs.

thefirst6monthsof

2023Onthecountrylevel,

apartfromtheNetherlands,

Germany,

andGreece,

morethanthree-quartersof

respondentsfromallEuropeancountriesindicatedthattheirbusinessdevelopmentintheprevious6monthswas(very)good.

Mostcountriesshowedanimprovementinthismetricsincethelastwave,

withtheexceptionof

theNetherlands,

Austria,

andPortugal,whoseperformanceinthepreviouswaveswasincrediblypositiveandhardtotopple.DenmarkNetherlandsPortugalFrance16%16%11%3%2%1%1%AustriaSpainEUGreece-1%Whatisevenmoretellingishowfewrespondentsexpressedagloomyview.

For

every18hotelierswhothoughtthingswentsplendidly,

only1feltthatthelast6monthswentpoorlyorverypoorly.

Anastonishingratioindeed,

whichwehaven’tseeninthepreviouswaves.-1%-1%FinlandGermanyItaly-2%Source:EurostatAccommodations’perceptionof

theirbusinessdevelopmentinthelast6monthsFall

2023

Summer2023

Fall

2022(Very)poor(Very)goodNordics0%0%0%81%PortugalItaly4%76%76%75%75%75%AustriaSpain6%France6%NetherlandsGermanyGreece1%72%3%71%3%66%Table

of

Contents10European

AccommodationBarometerFall

2023EconomicSituationandInvestmentsAccommodations’perceptionof

theirbusinessdevelopmentinthelast6months,

byaccommodationtypeEUaverage

Independentbusiness

ChainbusinessAveragedailyrateGeneraldevelopmentOccupancyrate(Very)good(Very)good(Strongly)increased90%85%80%75%70%65%60%70%65%60%55%50%45%40%80%75%70%65%60%55%50%Fall2022Summer2023Fall2023Fall2022Summer2023Fall2023Fall2022Summer2023Fall2023HotelchainsshowgreaterstabilityThere

havebeenimprovementsacross

allkey

metricssincelastyear,includingoccupancyandaverage

room

rates

(ADR).

EU-wide,62%of

hoteliersreported

(strong)increases

intheirADRs,

more

than10percentage

pointscomparedtothesummerand2022waves.Independenthotelshaveseengreater

improvement

inthisrespect,whilestilltrailing

chainsbysixpercentage

points.againseemedtohavenarrowedthegapbetweenthemselvesandchains.

Intermsof

generalbusinessdevelopmentinthelast6months,however,

chainsoutperformedindependenthotelsbyalargemargin:82%of

chainpropertiesMorethantwo-thirdsof

EUhoteliersalsosawtheiroccupancyratesincrease,

and

independent

businesses

reportedpositivebusinessoutcomescomparedwith68%of

independents.ActualoccupancyratesinEuropeandworldwidein2023Theseexpressionsof

positivesentimentaresupportedbyactualfiguresrecordedbytheUnitedNationsWorldTourismOrganization(UNWTO)throughout2023.

OccupancyratesinEuropeanregionsshowedastrongrecovery,culminatinginthesummermonths.90NorthernEuropeSouthern/MediterraneanEurope80706050EuropeWorldSouthernandNorthernEuroperegisteredstrongerperformanceinthisregardwhencomparedwithWesternandCentral/EasternEurope.Europeanoccupancyratesalsoexceededtheglobalaverageinmostmonthsin2023,

showcasingEurope’spopularityastheworld’sgreatesttouristdestination.WesternEuropeCentral/EasternEurope40Jan

Feb

Mar

Apr

May

Jun

Jul

AugSource:UNWTO

Tourism

Recovery

TrackerTable

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Contents11European

AccommodationBarometerFall

2023EconomicSituationandInvestmentsEasieraccesstofinancingInthissurveywave,

fewtravelAccommodations’perceptionof

currentoverallsituationEconomicsituation

Accesstofinancingandcapitalaccommodations(5%)hadanovertlynegativeperceptionof

thecurrenteconomicsituation.

Themajority(68%)feltitwasgoodorverygood,

a7-percentage-pointimprovementfromthesummerwaveand11percentagepointsupfromthe2022wave.

Accesstocapitalalsoimprovedinthefallwave,

when48%of

respondentsreportednodifficulty(2022:38%)while14%reportedexperiencingchallengesinthisarea(2022:22%).(Very)good(Very)poorNeutralNotdifficult(atall)(Very)difficultNeutralDon’tknow5%5%6%7%6%5%22%19%34%36%33%26%14%32%36%38%68%61%57%48%42%WhiletheNetherlands,

Nordics,Germany,

andSpainshowedaFallSummer2023FallFallSummer2023Falldropineaseof

accesstofinancingsincethesummer,

othersreportedmarked

improvements.

Notably,

thepercentageof

Portuguesehoteliershighlightingeasyaccesstofinancingnearlydoubledsincethesummer,upto58%from30%.

The

situationin2022202320222023Percentagetotalsmaydifferfrom100%duetorounding.up,

althoughSpainisa

slightoutlier.Theproportionof

Greekhoteliersreportingdifficultieswithaccesstocapitalhashalvedsince2022.nowseemlessoptimistic:

While34%of

Germanhoteliersstatedthataccesswasnotdifficult,

nearlyone-quarter(24%)statedthatitwas–upfrom16%inthesummer.SouthernEurope

appearstobeeasing

However,

CentralEuropeanhoteliersCurrentaccesstofinancingandcapitalFall

2023Summer2023Fall

2022(Very)difficultNotdifficult(atall)Austria16%59%58%PortugalNordicsNetherlandsSpain8%5%55%7%50%11%48%France13%48%Italy14%44%GreeceGermany24%24%39%34%Table

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Contents12European

AccommodationBarometerFall

2023EconomicSituationandInvestmentsStrongergrowthinlargerbusinessesCloselylinkedtothecomparativestabilityof

hotelchains,

sizeisanotherfactorthat

correlates

stronglytothesuccessof

accommodationbusinesses.

Largebusinessesof

250employeesormore

werefarmorelikelythansmallerbusinessestoratetheireconomicsituation,

occupancySizealsocorrelatestohotels’abilitytosecurecapital:thebiggeranaccommodationisandthemoreemployeesithas,

theeasieritsaccesstofundsis.

Itisalmost4timesasdifficultforhotelswithunder9employeestosecurefundingcomparedtothosewith250+employees(25%vs.

6%).rate,

andgeneraldevelopmentsaspositiveorverypositive.

Thesmallestbusinesses,

with9

employeesorless,

underperformedtheverylargebusinesseswith250+employeesonthissetof

metricsbyaround

one-third.Accommodations’perceptionof

businessdevelopment,

bynumberof

employeesUpto910to4950to249250+Generaldevelopment59%48%56%53%68%62%64%67%77%74%74%74%94%70%84%87%(Very)goodAveragedailyrate(Strongly)increasedOccupancyrate(Very)goodOveralleconomicsituation(Very)goodAccesstofinancingandcapital,

bynumberof

employees(Very)difficultNotdifficult(atall)66%55%45%35%25%13%10%6%Upto910to4950to249250+Table

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Contents13European

AccommodationBarometerFall

2023EconomicSituationandInvestmentsHotelsoutperformshort-termrentals(STRs)Giventhatthesizeof

theTheassessmentof

thecurrentwaslargelycomparabletoandoccasionallyexceedingthatofhotelsdespitethegloomierfutureoutlook.

Thesummerwavesawhotelsaccommodationestablishmenthasanimpactonbusinesssentiment,itcomesasnosurprisethathotelsoutperformSTRs.

Inthecurrentwave,short-term

rentalslagbehindacrosstheboard,

withthegapbeingthemostprominentinthedevelopmentofADRs(15percentagepoints).economicsituationiswherebothaccommodationtypesfeelequallycomfortable,

withtwo-thirdsof

hotelsand

STRssharing

positive

assessments.

faringbetterthanSTRs,

withtheperformancegaprangingbetweenThroughoutthe3waves,

however,thisgapfluctuated.

IntheinauguralBarometerwave,

STRs’performance3and17percentagepoints.

Hotels’leadsshrankslightlyinthecurrentwavebutremainclearlynoticeable.Accommodations’perceptionof

businessdevelopment,

byaccommodationtypeFall

2023

Summer2023

Fall

2022Hotelsandsimilaraccommodation

Holidayandothershort-stayaccommodationsGeneral