Total revenues of public accommodation establishments rose by 6.6% y/y to HUF38.7bn in April, the statistical office (KSH) reported. Revenue growth slowed down considerably compared to the previous month but we view the slowdown as a calendar effect related to the different timing of the Easter holiday this year. We expect tourism figures to recover back in May in line with the favorable development of the sector in the past couple of years. Cumulative revenues of accommodation facilities amounted to HUF124.9bn in Jan-Apr and rose by 12.0% y/y.
The accommodation fee as usual represented the majority 58.6% share of the total revenues of the sector in April. Accommodation fee revenues rose by 4.5% y/y during the month and its growth moderated both in the case of foreign and domestic tourism due to the Easter effect. Fee revenue from international tourism was up by 4.1% y/y and from domestic tourism – by 5.3% y/y. The number of tourist nights was down by 0.8% y/y in April on account of lower nights by foreign tourists while there was a marginal 0.9% y/y increase in the number of nights by domestic tourists. These figures, however, should be also affected by the calendar impact and they do not change our positive read on the tourism sector growth. Fee revenue was supported by a stable increase in the hotel accommodation fee per night.
Hotel room occupancy was up by 0.3pps y/y to 61.2% in April. Bedroom capacity of the hotel sector expanded marginally by 0.1% y/y at end-April while total bed-place capacity of the public accommodation sector was up by 3.3% y/y on account of boarding houses and camping sites.