STR’s preliminary August 2017 data for hotels in London, England, indicates a year-over-year decline in occupancy levels, but growth in average daily rate (ADR).
Based on daily data from August, London reported the following in year-over-year comparisons:
- Supply: +4.0%
- Demand: +1.2%
- Occupancy: -2.7% to 82.3%
- Average daily rate (ADR): +3.0% to GBP143.28
- Revenue per available room (RevPAR): +0.2% to GBP117.90
August marked London’s 10th consecutive month of ADR growth, due primarily to the pound devaluation caused by the June 2016 Brexit vote. STR analysts note that London’s occupancy decline was a result of the spike in supply. The number of rooms sold in the market went up, but supply grew at a quicker rate.
STR will release full August 2017 results later this month.
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