Hotels in London saw a rise in occupancy to 86% in June in part due to the number of summer concerts during the month, according to STR analysts.
In its preliminary June 2018 data was London’s first month with a year-over-year occupancy increase since May 2017.
STR analysts noted that “market demand was boosted by various concerts throughout the month, such as Katy Perry (14-15 June), Beyoncé and Jay-Z (15-16 June), Ed Sheeran (14-17 June) and the Foo Fighters (22-23 June)”. Favorable weather conditions were also said to have helped hotel performance.
However data also recorded that June was the fourth month in a row with an average daily rate (ADR) decrease after 16 straight positive months in the metric.
STR also found that supply was 1.9% and demand also saw a favourable increase of 4.1%. additionally recorded revenue per available room RevPAR also increased of 1.6% to £138.46.