· Moscow market occupancy demonstrated a decrease by 15.5% In Q1 2020. The most impacted segment was the luxury hotel segment (-24%).
· Average daily rate (ADR) decrease across all segments in the Q1 2020 constituted around 4%. On average the rate stayed at the previous year level.
· Revenue per available room (RevPAR) dropped by 15.5% across the entire market with distinct segments declines ranging from 14% to 19%.
· The main “shocks” within the first quarter of 2020 happened in March. The occupancy in March declined by 50.6% or 35 percentage points. This constitutes decreases from 44% to 64% across segments (from 32 pp to 39 pp).
· By the end of March 95% of Moscow hotel supply was operating. By the end of April this number dropped by 40%.
· After the end of self-isolation period, business travel segment in Moscow will be the first one to recover. However, we do not expect substantial growth before Q3 2020.
· The general decline of population wealth level due to unstable economic situation in the country, the lack of flight connections, foreign countries border closure will altogether push the domestic tourism development.
· CBRE forecasts that MICE and touristic groups segments will be the last ones to recover.