The most recent report on the hotel market by Colliers International confirms the excellent moment in Lisbon and Porto’s hotel market, where prices have been increasing at a staggering pace, unparalleled with any of the major European touristic destinations.
Although occupancy has slowed down, Lisbon and Porto occupancy rate will close the year, nearing 80%. “After increasing 20% in the past 5 years and given the remarkable increase in room supply (more than 4.500 rooms in both cities), it is astonishing that Porto and Lisbon are able to consolidate occupancy close to 80%, given constraints inherent to seasonality, geographic scattering and externalities” informs Gustavo Castro, Research, Colliers International.
In their annual report, Colliers highlights Lisbon’s ascent to the top of the main European touristic cities. Occupancy in Lisbon is among the highest in Europe and ARR, no longer pales to comparison with the best performing cities in Europe. And Lisbon is not alone, “Porto preserves a growth potential without comparison in Europe, with RevPAR expected to continue its upwards path in the near future” continues Gustavo Castro.