Preliminary data from STR has indicated a year-on-year decline in occupancy levels for London hotels.
Occupancy fell by 2.7% to 82.3% compared to the same period last year.
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.
On the other hand, the figures suggest a growth in the average daily rate (ADR) compared to last year’s data with an increase of 3% to £143.28.
There has been a 4% increase in supply and a 1.2% increase in demand for hotel rooms.
RevPAR has also seen an increase to £117.90, which is an uptick of 0.2% .
August marked London’s 10th consecutive month of ADR growth, due primarily to the pound devaluation in the wake of the EU referendum.