STR’s preliminary June 2018 data for London, England, indicates higher occupancy but lower rates.
Based on daily data from June, London reported the following in year-over-year comparisons:
• Supply: +1.9%
• Demand: +4.1%
• Occupancy: +2.2% to 86.1%
• Average daily rate (ADR): -0.6% to GBP160.84
• Revenue per available room (RevPAR): +1.6% to GBP138.46
June was London’s first month with a year-over-year occupancy increase since May 2017. On the other hand, June was the fourth month in a row with an ADR decrease after 16 straight positive months in the metric.
STR analysts note that market demand was boosted by various concerts throughout the month, such as Katy Perry (14-15 June), Beyoncé and Jay-Z (15-16 June), Ed Sheeran (14-17 June) and the Foo Fighters (22-23 June). Favorable weather conditions also helped hotel performance.
STR will release full June results later this month. The May edition of STR’s Market Forecast is available now for London and a host of other markets across the globe.
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