London Hotels Report 1.9 Percent Occupancy Decline for October 2017
STR’s preliminary October 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 October, London reported the following in year-over-year comparisons:
- Supply: +4.0%
- Demand: +2.0%
- Occupancy: -1.9% to 83.4%
- ADR: +2.3% to GBP152.27
- Revenue per available room (RevPAR): +0.4% to GBP126.96
This would mark the lowest October occupancy level in London since 2006, but the second-highest ADR for any October since 1994. Because demand grew year over year, STR analysts attribute the decline in occupancy to the significant increase in supply.
Absolute performance levels were especially strong during Helitech International helicopter expo & conference (3-5 October). Occupancy was 94.8% and 96.3% during the first two nights, while ADR was 182.38 and 185.28, respectively.
STR will release full October 2017 results later this month.
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