STR’s preliminary December 2018 data for London, England, indicates occupancy-driven performance declines.
Based on daily data from December, London reported the following in year-over-year comparisons:
• Supply: +3.1%
• Demand: +0.3%
• Occupancy: -2.7% to 77.9%
• Average daily rate (ADR): +0.4% to GBP148.85
• Revenue per available room (RevPAR): -2.3% to GBP115.99
Although supply growth has affected London’s occupancy comparisons, December would be the U.K. capital’s 14th consecutive month of ADR growth. STR analysts noted that the “Brexit effect,” which drove a surge in international visitors in early 2017, seems to be wearing off as the value of pound sterling continues to climb.
STR will release full December and total-year 2017 results later this month. The January edition of STR’s market forecast will be available by the end of the month.
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