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Kiev quality hotel market shows stable growth in occupancy fourth year in a row

JLL presents the Q1 2017 Kiev quality hotel market results
JLL presents the Q1 2017 Kiev quality hotel market results

April 26, 2017, 16:00 (PX Newswire)

“Compared to what we forecasted for 2017 when reporting on 2016 results, quality hotels in the Ukrainian capital are meeting the expectations. The occupancy grew healthily in the first 3 months of the year, actually surpassing the YTD results of the last stable year, 2013 (39%).

40% of quality room stock was occupied in Jan-March this year, vs. 34 last year, and 31 in 2015.” – Tatiana Veller, Head of JLL Hotels & Hospitality Group, Russia & CIS, says.

In terms of rates, average quarterly ADR results continue to give mixed feelings – still growing in UAH terms (probably a result of continued weakness of the national currency, rather than a real market condition change), and still falling in USD terms (to an absolute figure of USD141 vs. USD148 last year and USD151 in 2015). In local currency, quarterly average ADR remained relatively stable compared to a year before (grew by a meagre 7,5 hryvnia) but increased by over UAH 600 compared to 2015, reaching UAH 3,203.

RevPAR though, even USD-denominated, makes one see a recovery in underway. On the back of a stronger occupancy, the average index reached USD57 in the Q1 2017, the highest in the past 4 years (growth by 12.5% YoY). In local currency, obviously, the figure is even more impressive, UAH1,542 which is about 240 hryvnia (19%) higher than last year.

“We connect this growth with such factors like: 1) political situation has been stable for a while, and 2) business is slowly coming back having realized that this is new reality and there’s nothing else to gain by waiting. We now await the second quarter, historically the most active time of the year for the touristic and hotel market of the largest city in Ukraine, with higher occupancies and rates of the year, to see if this is a true trend for recovery.” – Tatiana Veller notes.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and on behalf of its clients managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006-2016 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, 2016, St. Petersburg; Consultant of the Year at the RCSC Awards in 2015, and The Best Real Estate Consultancy in Ukraine at the Ukrainian Property Awards in 2013.
For further information, visit www.jll.ua

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