Istanbul hotels' revenue loss hits 1 billion euros in 2017 despite ease in security concerns: Association

Istanbul hotels' loss in revenue exceeded 1 billion euros in the first half of 2017 compared to the same period of 2015, despite a recent ease in security concerns, a leading sector association stated on July 31. 

Istanbul again saw the largest revenue loss among all European destinations in 2017, the Hotels Association of Turkey (TÜROB) said in a statement, citing STR Global data. 

"Despite an ease in security concerns and a rise in hotel occupancy rates, there has not been any rebound in hotel revenues. The main problem here is the stress resulting from the budget-destination image.
 Security concerns and other risks have unfortunately become a trump card in pricing Istanbul's hotels," TÜROB President Timur Bayındır said. 

"Our calculations show that Istanbul hotels' revenue loss hit 1 billion euros in the first half of 2017, compared to the same periods of 2015 and 2016. When the figures of the second half, which includes the 'hot season,' are examined, the loss will be worse," he added. 

Hotel occupancy rates across Turkey rose to 53.3 percent in the first half of the year from 50.8 percent in the same period of 2016. However, revenue per room regressed from 39.4 euros to 32.7 euros in the same period. 

In Istanbul, hotel occupancy rates in Istanbul also increased to 53.3 percent in the January-June period this year from 49.2 percent in the same period of 2016. However, revenue per room regressed from 39.4 euros to 32.7 euros in the same period. 

The Average Daily Rates (ADR) of the city, meanwhile, declined to 72.3 euros in the first half of the year from 96.2 euros in the same period of 2016, STR Global data showed. The city's revenue per available room (RevPAR) also regressed to 38.5 euros from 47.3...