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Istanbul Hotel Prices Collapse in February 2017

  • Published by Ozgur Tore

CiraganPalaceKempinski Restaurant

According to the latest statistics of Turkish Hotels Association (TUROB) occupancy continues to drop in Istanbul while a slight increase has recorded in Turkey. However, the biggest drop in Istanbul has seen in price of hotel rooms. TUROB announced hotel occupancy statistics for the first two months of 2017.

According to STR Turkey Hotel results, occupancy level in Turkey increased 1.7% to 50.5% in February 2017, compared to February 2016. However, occupancy level continues to drop in Istanbul. In February 2016, occupancy level for the city was 47.6% and it dropped 0.7% to 47.2% in February 2017. Istanbul’s Average Daily Rate (ADR) also dropped 19.3% to €70.30 in February 2017. It was €87.10 in February 2016. Revenue per available room (RevPAR) also dropped 19.9% to €33.20. In February 2016, Istanbul’s RevPAR was €41.40.

Europe’s lowest

Timur BayindirFor the first two months of 2017, occupancy level in Istanbul's hotels dropped 4% to 46.4%. The hotel prices that reached €200 per night in Istanbul three years ago, now dropped to €68.10. RevPAR for the first two months accounted €31.50, a drop of 28.5%. With the collapse of prices, Istanbul had the biggest drop in Europe.

TUROB President Timur Bayindir said that Istanbul now needs special practices for the tourism industry, if not the year of 2017 will be another year of loss. “While prices dramatically drop, high supply of rooms also create negative effect. We need to take immediate precautions for Istanbul’s tourism industry,” added Mr. Bayindir.

 

Occupancy (%)

Place February 2017 February 2016 Average of last 12 months
Turkey 50.5 49.7 49.0
Istanbul 47.2 47.6 46.4
Europe Average 64.5 62.7 60.6

Average Daily Rate - ADR (Euro)

Place February 2017 February 2016 Average of last 12 months
Turkey 58.5 71.3 56.8
Istanbul 70.3 87.1 68.14
Europe Average 100.5 100.3 99.5

Revenue per available room - RevPAR (Euro)

Place February 2017 February 2016 Average of last 12 months
Turkey 29.5 35.4 27.8
Istanbul 33.24 41.48 31.59
Europe Average 64.8 62.9 60.2

 

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