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Hungarian F1 Grand Prix better business for Budapest hotels

Occupancy at Budapest hotels during this year's Hungarian Formula One Grand Prix rose 11.8% from last year's event, while revenue per available room (REVPAR) climbed 8.5%, the Hungarian Hotel Association said.

REVPAR rose at a slower rate than occupancy because of a 6% average drop in room rates, the association said.

The data is based on occupancy and REVPAR between July 30 and August 2, 2010, and between July 24 and 27, 2009.

The occupancy rate during the racing event was up 18.3 percentage points over the average for the month of July. REVPAR was 99.2% over the average for the month as room rates rose 52.6%. (MTI – Econews)