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Hotels in Milan return to profit growth in Q1 2017 after Post-EXPO slump

Finance Markets / Latest Activity

England

May 16 2017

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Property Magazine

Following a slump in 2016, hotels in Milan are almost back on par with the hugely successful top and bottom line performance in 2015 when the city was flooded with visitors due to EXPO Milano.

The return to strong performance levels has primarily been due to the recovery in room occupancy, as hotels in Milan have recorded a 5.0 percentage point year-on-year increase for Q1 2017 to 70.9 per cent. 

This is in contrast to 2016, when room occupancy levels fell well below the historic performance, as well as being in contrast to the rate performance in the city, which has been maintained well ahead of historic levels, at €188.47 in 2016, compared to €169.43 in 2014.

Whilst hotels in Milan have recorded a 0.6 per cent decline in achieved average room rate for Q1 2017, the strength of the recovery in room occupancy has fuelled a 6.9 per cent increase in RevPAR to €128.12, which is well ahead of the same period in 2015 at €118.70. 

Despite the strong profit growth in Q1 2017, in the 12 months to March 2017 hotels in Milan have recorded a profit per room of €55.72, which means there is still some way to go to catch up with the the peak profit performance recorded in the year of the EXPO (2015) at €62.72.

SOURCE: Property Magazine

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