Based on STR Global daily data from August, preliminary data for Greater London includes:
* increases in supply (2.3 percent) and demand (7.3 percent);
* a 4.9-percent increase in occupancy to 86.3 percent;
* a 16.7-percent decrease in average daily rate to GBP132.79; and
* a 12.7-percent fall in revenue per available room to GBP114.54.
"London has seen the return of its usual guests following the Summer Olympics last year, resulting in an increase in demand and thus occupancy", said Elizabeth Winkle, managing director of STR Global. "ADR declines in August 2013 were expected since the daily average rates were above GBP200 during the Olympic period in 2012".
"We forecast a 1.5-percent decline of revenue per available room for year-end 2013, which is due to last year's Olympic Summer Games high rates", said Naureen Ahmed, manager of marketing and analysis at STR Global. "This trend will be reversed for year-end 2014 when London will have returned to its normal trading conditions; STR Global forecasts RevPAR to grow by 3.4 percent".
STR Global will release final August 2013 results in two weeks. Revised 2013 forecasts will be available in November.
About STR Global:
STR Global provides clients-including hotel operators, developers, financiers, analysts and suppliers to the hotel industry-access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, segmentation data, forecasts, annual profitability, pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STR Global is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics and Hotel News Now. For more information, please visit www.strglobal.com.
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