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London (pte028/21.04.2005/12:00) - Hotels in Venice are making more money per room than hotels in any other cities in the world. As Travel Daily News http://www.traveldailynews.com reports, Venice was the best performing market in 2004 in terms of revenue per available room (revPAR) for the second year in a row, according to the HotelBenchmark Global Ranking Index (GRI) at Deloitte http://www.deloitte.com . The GRI compares the performance of 165 global cities outside North America on a daily basis. Paris moved back to number two, the city's best performance in the last five years, despite always featuring within the top five rankings.
Europe dominated the survey with 13 of its markets within the top 20. Two European cities, Athens and Edinburgh, appeared for the first time at positions 15 and 18 respectively. The Asia Pacific Region also dominated with five cities featuring in the top 20. Sydney appeared in the top 20 for the first time - at number 20 - and Hongkong returned following its absence in 2003 at number 17. Markets in the Middle East claimed the remaining two top 20 positions, although Kuwait City lost ground dropping from number two to number five. According to Deloitte, this was expected after the high performance of the market in 2003 due to the presence of military personnel and media during the Iraq war.
In terms of occupancy, the Global Ranking Index paints a completely different picture, with only five markets appearing in the top 20 for both revPAR and occupancy. Dubai was number one in the GRI for the first time, and Hongkong, Edinburgh, Tokyo and London joined Dubai to make appearances in both rankings. In the occupancy GRI, Asia dominated, taking ten spots. Increased international demand combined with ever increasing intra-regional travel fuelled by the growth of low-cost airlines has driven occupancy levels in the region upwards. Egypt also claimed two top spots with Sharm El-Sheikh and Hurghada appearing for the first time. According to Deloitte, the recent investment made by Egypt, Australia and New Zealand in promoting their destinations is paying off, as a number of these markets have significantly moved up the rankings since 2000. The best improver is Sharm El-Sheikh, which has moved up 116 places since 2000 to take a number ten spot in 2004.
"The lacklustre performance that has held back the hotel industry for the past three years has finally come to an end in 2004, as trading conditions improved. Dramatic increases in economic growth and international visitor numbers gave the tourism industry a welcome boost, as travellers defied the threat of terrorism and high oil prices," said Julia Felton, the executive director of HotelBenchmark at Deloitte. "2005 looks encouraging, as pent-up demand continues to emerge but there are already signs that growth is decelerating in some major economies. Its also debatable whether Venice can keep its crown in 2005, as leisure tourists are fickle and are faced with more options than ever before on where to spend their time and money," she added.
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