Portugal’s Algarve region saw a record drop in hotel occupancy rates in November of 70% compared to the same month in 2019.
The southern Algarve region saw an occupancy rate of 12.3% in November, according to data released on Friday by the country’s Association of Hotels and Enterprises of the Algarve (AHETA).
The British market contributed most to the decrease (86.9% less), followed by the German (84.6% less), Irish (56.1% less) and the domestic market (28.5% less) .
Hotels in Portugal and across the globe have been hard hit by the Covid-19 pandemic. According to Fitch Ratings, the coronavirus pandemic will cause a 60% drop this year in European hotels’ occupancy rates, and won’t recover until at least 2023.