The region saw strong growth from several overseas visitor markets, including China, Australia, the GCC, India and the U.S.

HVS has reported four- and five-star hotels across Europe achieved a 3.9-percent boost in value.

Occupancy levels in the Middle East and Africa reached 66.6 percent last month, leading to increased revenue and profits for the entire region.

The Middle Eastern hotel market faced performance declines as Africa's hotels saw rises in demand and profit.

Both domestic and international travelers to Africa are driving demand away from the luxury sector toward mid-market accommodation.

MENA's 1.9-percent GOPPAR growth in October 2017 may not be enough offset declines other key performance metrics.

Though most cities saw growth in occupancy and RevPAR, hotels in Zurich recorded sharp declines.

CERP has begun to accept letters of intent from investors to acquire shares of two Croatia-based hotel operators.