London Hotels Report Slight Dip in Occupancy for the Ninth Month in a Row
London reported hotel occupancy decreased 0.4% to 77.3% in February, according to preliminary data from STR. ADR rose 1.2% to 133.84 ($185.96) and RevPAR increased 0.8% to 103.48 ($143.78).
STR’s preliminary February 2018 data for London, England, indicates a continuation of recent trends.
Based on daily data from February, London reported the following in year-over-year comparisons:
- Supply: +2.2%
- Demand: +1.8%
- Occupancy: -0.4% to 77.3%
- Average daily rate (ADR): +1.2% to GBP133.84
- Revenue per available room (RevPAR): +0.8% to GBP103.48
Recent trends continued in London – demand increased, but supply grew at a faster rate, leading to a slight dip in occupancy for the ninth month in a row. ADR, on the other hand, increased year over year for the 16th consecutive month even as the “Brexit boost” continues to dissipate.
STR will release full February results later this month. The January edition of STR’s Market Forecast and the 2017 Global Hotel Study are now available.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.