Commentary on the results
o This report includes all hotels in the Cork, Limerick, Galway, Cork County, Dublin, Waterford and Kilkenny areas.
o As predicted at the start of the year, May was going to be big challenge due to the Ed Sheeran concerts last year with RevPAR growth of 19.3% nationally in May 18.
o The only city to show growth was Limerick which was the only city without an Ed Sheeran concert last year.
o RevPAR declined 5% in the month with Limerick showing growth of 0.6% and Galway showing a decline of 10.8% being the two extremes.
o RevPAR is still up 13.2% in May 19 versus May 17, if you decide to skip the concert driven month of May 18.
o Occupancy was down 2% to 84.5% with YTD now down 3% at 69.7%.
o ARR was down 2.8% at €100.72, but flat YTD at €90.16.
o To put 2019 into perspective we have had 47 months of continuous RevPAR growth nationally, but with the vat increase in Jan 19, we now have 5 months in a row of National decline. Of course there are other factors but the numbers are the numbers.
o I would note that the average RevPAR growth nationally in the first 6 month of 2018 was 9.7%, with the second 6 months averaging 4.1%, so I do predict some levelling in the decline in the second 6 months of the year. This decline was driven by decline in occupancy in 5 of the last 6 months of 2018.