Both the ADR and RevPAR levels were the highest for any month according to data from benchmarking and analytics firm STR. According to the group performance for July 2018 topped the levels achieved in July 2012, when the market was hosting the opening days of the summer olympics.
Based on daily data from July, London reported the following in year-over-year comparisons:
- Supply: +2.0%
- Demand: +6.1%
- Occupancy: +4.0% to 91.2%
- Average daily rate (ADR): +4.7% to £171.25
- Revenue per available room (RevPAR): +9.0% to £56.15
STR analysts attribute the strong performance to an “unseasonably warm summer”, as well as popular events including Wimbledon and London Pride.
A statement by the STR said: “Following a record-breaking first half 2017, hotels in the U.K. capital have since seen a slowdown in performance, mainly due to strong ongoing supply growth. This July performance followed a 1.5% increase in RevPAR in June 2018, indicating a summer upswing.”