London Hotels Report 5.1 Percent RevPAR Growth for June 2017
According to preliminary June data from STR, London’s hotel market reported mostly positive performance during the month. While occupancy decreased 0.4% to 84.1%, a 5.5% ADR increase to £162.51 ($209.57) drove RevPAR up 5.1% to £136.72 ($176.37).
STR’s preliminary June 2017 data for London, England, indicates strong rate growth.
Based on daily data from June, London reported the following in year-over-year comparisons:
- Supply: +3.6%
- Demand: +3.2%
- Occupancy: -0.4% to 84.1%
- Average daily rate (ADR): +5.5% to GBP162.51
- Revenue per available room (RevPAR): +5.1% to GBP136.72
The U.K. capital experienced only moderate declines in occupancy for the days following the 3 June terrorist attacks at London Bridge. A week later, the market returned to performance growth. Additionally, STR analysts credit ADR growth toward the end of the month to a calendar shift in the Eid Mubarak holiday from July in 2016 to June this year, as the city typically welcomes a high volume of visitors from the Middle East during that time.
STR will release actual June 2017 results later this month.
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.
Categories: Market Reports