London Hotels Report 8.9% RevPAR Growth for May 2017
Based on daily data from May, London reported the following in year-over-year comparisons:
- Supply: +3.2%
- Demand: +5.0%
- Occupancy: +1.7% to 83.1%
- Average daily rate (ADR): +7.0% to GBP153.04
- Revenue per available room (RevPAR): +8.9% to GBP127.24
The absolute RevPAR level would be the highest for any May on record in London. The market has set RevPAR records each month in 2017. Absolute occupancy reached 90% or higher nine times in May, including several days around the times of the Security and Counter Terror Expo (3-4 May), Museums Heritage Show (17-18 May) and London Wine Fair (22-24 May).
STR analysts note that hotel performance in London has reached record levels due primarily to the pound devaluation and a subsequent boost in leisure business. The market maintained performance growth without disruption following the Westminster and Manchester terror attacks, but it is too early to gauge any potential impact as a result of the recent tragedy at London Bridge.
STR will release actual May 2017 results later this month. The May edition of STR’s Market Forecast is 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.
Source: June, 9 2017 / STR