London Hotels Report 11.8 Percent RevPAR Growth for January 2017
STR’s preliminary January 2017 data for London, England, indicates sharp performance increases.
Based on daily data from January, London reported the following in year-over-year comparisons:
- Supply: +2.8%
- Demand: +8.8%
- Occupancy: +5.8% to 70.5%
- Average daily rate (ADR): +5.7% to GBP127.84
- Revenue per available room (RevPAR): +11.8% to GBP90.08
London’s hotel industry built on its momentum from the final months of 2016. The 70.5% absolute occupancy level would be the highest for a January in London since 2008, while ADR would be the highest for a January since 1994. At the submarket level, London’s West End posted particularly high performance levels, with RevPAR up 20.1% year over year.
In addition to the demand boost generated by a lower British pound, STR analysts note that the market’s performance increases are all in comparison with a slightly weak January 2016, when the market was still struggling from the aftershocks of the terrorist attacks in Paris.
STR will release actual January 2017 results later this month.
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