Miami and Qatar led the major global markets in hotel profit recovery for 2022, according to STR‘s full-year P&L data release.
Both markets’ gross operating profit per available room (GOPPAR) surpassed 2019 levels, with the metric reaching 155 per cent of the 2019 comparable in Miami. Helped by the World Cup, Qatar’s GOPPAR indexed at 152 per cent. Qatar is designated as a market in STR’s database due to its size and composition.
The key market outliers by each region stand as follows:
* Middle East: While Qatar led in terms of recovery, Dubai had a higher GOPPAR level ($132.68) and came in a close second in terms of recovery, at 140 per cent. Oman, while improved year over year, showed the lowest recovery at 78 per cent of the pre-pandemic comparable.
* Europe: Paris’ GOPPAR ($173.02) was 123 per cent of its comparable 2019 level. London ($105.17) was the next closest market at 88 per cent. Berlin ($34.67) recaptured just 60 per cent of 2019 GOPPAR.
* Asia Pacific: New Delhi ($51.00) was the only major APAC market to achieve 100 per cent of its pre-pandemic comparable. Singapore ($83.57) and Bali ($49.37) came in at 87 per cent and 81 per cent of the 2019 comparables, respectively.
* North America: Behind Miami, Toronto’s GOPPAR level ($88.03) came in at 100 per cent of the 2019 comparable. San Francisco’s GOPPAR ($50.86) was furthest away from its pre-pandemic comparable at 41 per cent.
* South America: Bogota’s GOPPAR came in at $36.83, which was 106 per cent of the pre-pandemic comparable. Rio de Janeiro ($17.17) saw the next-highest GOPPAR comparison (71 per cent). Lima ($5.74) was at just 14 per cent of the 2019 comparable, the report said.
