STR’s preliminary May 2017 data for London, England, indicates continued strong performance growth.
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.
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