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, occupancy in London fell to 83.4%, which was a drop of 1.9% when compared to the same period last year.
ADR rose to £152.27, which was an uptick of 2.3%.
These results 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.
The demand for hotels in London grew by 2% whereas supply outweighed that with a 4% increase.
Revenue per available room (RevPAR) increased to £126.96, which was up by 0.4%.
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.