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STR’s preliminary December 2017 data for hotels in London indicates a year-on-year decline in occupancy levels, but growth in average daily rate (ADR).
Occupancy levels for hotels in London dropped 2.7% in December compared with last year, and are now at a total of 77.9% occupancy. The movement is attributed partially to supply being up by 3.1%.
Although supply growth has affected London’s occupancy comparisons, December would be the UK capital’s 14th consecutive month of ADR growth, up by 0.4% to £148.85.
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.
Demand increased by 0.3% and revenue per available room (RevPAR) dropped by 2.3% to £115.99.
