London Hotels Report Performance Decline for April 2018
Hotels in London reported occupancy decreased 0.9% to 82.2% in April, according to preliminary monthly STR data. ADR decreased 1.1% to £141.87 ($192.48) and RevPAR dropped 2% to £116.59 ($158.18).
STR’s preliminary April 2018 data for London, England, indicates lower occupancy levels and room rates.
Based on daily data from April, London reported the following in year-over-year comparisons:
• Supply: +2.2%
• Demand: +1.3%
• Occupancy: -0.9% to 82.2%
• Average daily rate (ADR): -1.1% to GBP141.87
• Revenue per available room (RevPAR): -2.0% to GBP116.59
April was the 11th consecutive month with a year-over-year occupancy decline in London. STR analysts attribute that negative trend to continued significant supply growth and comparisons with high performance periods that followed Brexit.
ADR comparisons have fallen into negative territory only recently as April was the second month in a row with a decrease after 16 straight positive months in the metric.
STR will release full April results later this month. The May edition of STR’s Market Forecast will be available at the end of the 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