?? An Overview of Istanbul Hotels' Performance in 2024

For Istanbul hotels, 2024 has shown better performance in occupancy rates compared to last year, but prices are struggling to meet expectations.

?? Occupancy Rates and Prices:

• In June, occupancy rates were 5% higher than last year. However, prices saw a decline of nearly 25% in Dollar terms.
• For July, the current average occupancy rate is 51%, with prices showing a decline of about 17%.
• In the first 6 months of 2024, occupancy rates were 8% higher compared to the same period last year.

?? Impact of Events:

• Major events like the European Championship and the Olympics could cause fluctuations in occupancy rates.
• In the coming days, occasional peaks in demand are expected across the city.

??? Non-Hotel Expenditures:

• According to research, significant price increases in the food and beverage sector have led to a decline in Istanbul's attractiveness.
• To make Istanbul an attractive market again, it is emphasized that competitiveness in non-hotel expenditures needs to be regained.

In conclusion, although hotel occupancy rates have been higher in the first 6 months, the downward trend in prices and high costs in non-hotel expenditures are challenging the sector's expectations. Revisiting pricing strategies and restoring competitiveness in non-hotel spending is crucial to enhance Istanbul's appeal.

?? Positive Outlook for the Future: To maximize Istanbul's tourism potential, collaborative efforts are needed to take strategic steps and make the city an attractive destination once again!

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